China Suspects Profit In Crypto From Fentanyl Dealings
Drug dealers like to use cryptocurrency for payment and research shows companies in China that make fentanyl ingredients are getting lots of it. The digital currencies they get are worth millions and this goes on for years.
Chainalysis published a report on Wednesday. The report found crypto addresses linked to Chinese suppliers. The suppliers are suspected of exporting ingredients for fentanyl production. The suppliers have earned a total of $37.8 million in crypto since 2018.
People in the drug trade use cryptocurrency to make payments across borders. It's a popular choice for them. They find it easy to use. The picture shows an example of this.
Eric Jardine, head of cybercrime research at Chainalysis, warns that their estimate only covers the basics of the buying, selling, and moving of fentanyl and fentanyl-based items.
Police can use this opportunity to find information about people causing the fentanyl crisis. They can also predict when more fentanyl will be sold.
China is making dangerous products for our kids. We need to be aware of this. It's a serious problem. These products can harm our children. We need to take action to protect them. Let's spread the word and warn others.
Jardine talked to FOX Business about cryptocurrency. He says people don't always notice its transparency. This transparency helps monitor illegal activities like fentanyl trading.
China was the world's largest maker of fentanyl precursors in 2019, according to the DEA. India was also a significant manufacturer.
Chainalysis checked data from U.S. Customs and Border Protection. They noticed something. It looks like when people send money to places selling chemicals, the border has more fentanyl seizures.
China denied illegal fentanyl trade with Mexico. US suspects Chinese traffickers send precursor chemicals to Mexico for final production.
People who have migrated cross the Rio Grande and go to the Border Patrol El Paso Sector in Texas. They went from Ciudad Juarez in Mexico. This happened on May 8th, 2023. There's a photo of this on Getty Images.
The scientists at Chainalysis followed the alleged fentanyl materials to suspected chemical stores worldwide. They found heavy involvement in Latin America, North America, Europe and Asia.
The report discovered that crypto deals linked to fentanyl match how the DEA described the illegal shipping of fentanyl precursor chemicals to Latin America. In Latin America, the chemicals are used to make fentanyl, which is commonly shipped to the U.S. for sale.
CDC reports over 100,000 drug overdose deaths in 2022. This is a high number of deaths. It is a serious health issue. We need to find ways to prevent drug overdose. There are different ways to prevent drug overdose. Collaboration between healthcare professionals is important to prevent overdose. Families, friends, and communities should work together to prevent drug misuse. It is important to seek help and support for drug addiction. There is hope for those struggling with addiction. We can work together to prevent drug overdose.
The analysis says there are steps involved in this process. Chinese and Indian chemical shops send fentanyl precursors to Mexico and Central America. Drug cartels in these places make and pack fentanyl products. And they then send them over the border to the United States.
Police found 32,000 fentanyl pills. They were worth $1 million on the street. Police made the discovery after an investigation. This happened in New York City.
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Crypto use helps drug traffickers avoid the police. They do this to spread opioid addiction in America and other countries. Crypto makes it easier for them to do this.
This report got help from Reuters.
