• Fri. May 24th, 2024

Large-Scale Drug Trafficking: China’s Multi-Billion Dollar Cryptocurrency-Fueled Operation in the U.S.

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ByMarcel Bich

Aug 8, 2023
China's Cryptocurrency Drug Operation in U.S
Marcel Bich
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Despite American efforts to stop drug trafficking, Chinese manufacturers of opioid drugs still take cryptocurrencies and transport their products abroad. Elliptic analysts wrote about this on a blog. The researchers claim that Chinese factories have utilized cryptocurrency to fulfill hundreds of orders. An estimated $55 billion worth of pharmaceuticals have been illegally imported into the United States from China.

Elliptic sought to order fentanyl precursors from a Chinese facility as part of the study. These compounds are frequently used to make drugs. Suppliers agreed to fulfill the request by issuing a Bitcoin (BTC) invoice.

Tether (USDT) is a form of payment accepted by Chinese producers of the potent opioid painkiller.

Elliptic analysts also looked into Chinese crypto wallets, which were put on a sanctions list by American officials as a result of drug trafficking to Mexico. Before the penalties, according to experts, the wallets received slightly about $30 million in cryptocurrencies. Activity surrounding them grew by 450% on a yearly basis. The $30 million buy, according to the researchers, is sufficient to make $54 billion worth of fentanyl tablets.

Elliptic determined that technically speaking, 8.6 billion people may have a deadly overdose from that quantity of fentanyl.

Researchers who followed the flow of cryptocurrencies through Chinese wallets discovered that the biggest “gray” fentanyl precursor makers are trading cryptocurrencies on the same three international platforms. Elliptic didn’t say which markets they were referring to. Researchers claim that because any cryptocurrency operation is technically prohibited in China, Chinese companies are using intermediaries in this plan.

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.