Crypto payments to China chemical suppliers fuel US fentanyl epidemic
China-based suppliers of chemicals used solely to produce fentanyl are receiving tens of millions of dollars in cryptocurrency payments, fueling the ongoing fentanyl epidemic in the United States, according to a report by Elliptic. Research conducted by the analytics firm identified over 90 China-based chemical companies willing to supply fentanyl precursors who altogether had received $27 million in crypto payments — some were ready to sell fentanyl itself, despite China’s regulations banning the export of the deadly drug. In recent years, Mexican drug cartels have filled the void by manufacturing their own fentanyl using precursor chemicals imported from China. To disrupt the financial activities of fentanyl traffickers and their supply networks, the US government has increased its efforts to hold these criminals accountable. In April, the US Department of the Treasury sanctioned several individuals and businesses in China for supplying precursor chemicals to Mexican drug ...