Crypto Used to Purchase Fentanyl Ingredients: Chinese Companies Accept Bitcoin & Tether

• Elliptic, a blockchain analytics startup, discovered that Chinese companies selling fentanyl precursors take large sums of cryptocurrency payments, primarily in bitcoin (BTC) and tether (USDT).
• Over 90% of the Chinese enterprises polled by Elliptic that deal in fentanyl precursors accept cryptocurrencies as payment.
• These businesses provide the ingredients to make other synthetic opioids such as amphetamines and methamphetamines.

Chinese Chemical Suppliers Accept Cryptocurrency for Fentanyl Ingredients

Blockchain analytics startup Elliptic has revealed that Chinese companies supplying fentanyl precursors are accepting large sums of cryptocurrency payments, mainly in bitcoin (BTC) and tether (USDT). According to Elliptic’s research, more than 90 percent of the surveyed enterprises dealing with fentanyl precursors accept cryptocurrencies as payment. Additionally, these same businesses also offer ingredients used to make other synthetic opioids, like amphetamines and methamphetamines.

Crypto Payments on Three Specific Exchanges

Elliptic reported that nearly $27 million worth of cryptocurrency was sent to wallets associated with chemical suppliers. The majority of these payments were made via three specific exchanges outside China – 66 percent in Bitcoin, 21 percent in Tether on the Tron network and 13 percent in Tether on the Ethereum network. All other cryptocurrencies accounted for just one percent of all payments received.

Money Laundering Prevention

In order to prevent money laundering activities involving cryptocurrency, Elliptic has informed exchanges about certain wallets connected to illegal transactions. By increasing transparency between exchanges and law enforcement agencies, there is a greater chance of safeguarding the Bitcoin market from illicit activities being conducted online.

Fentanyl Precursors Purchased With Bitcoin

In China specifically, it has been noted that fentanyl precursors are bought using Bitcoin – highlighting how difficult it can be for law enforcement authorities to stop this kind of criminal activity online.

Radisson Hotel Accepts Shiba Inu Payments

Other recent developments include Radisson Hotel announcing its acceptance of Shiba Inu payments through Binance Pay in Ukraine – further showing how cryptocurrency is becoming more mainstream when it comes to everyday purchases around the world.