Shutdown Crypto-Funded Fentanyl Trade: US Senator Elizabeth Warren
Also Read: Top Crypto Tokens To Unlock In June
Crypto And Fentanyl Connection
Senator Elizabeth Warren mentioned data collected by a research firm Elliptic in order to assert her claims. The report stated that Chinese businesses are fueling the Fentanyl Epidemic and receiving millions of money in the form of crypto payments.
As per Elliptic research, more than 90 China based enterprises offered to supply fentanyl precursors. It added that 90% of these businesses accept crypto in payments and claim that they shipped the fentanyl to Mexico as well.
The reported claims that the majority of these businesses were ready to deliver fentanyl when the same chemical is being banned in China since 2019. Elliptic assets that blockchain Analysis depicts these Chinese businesses have received thousands of payments in their crypto wallets. Read More Crypto News Here…
Recommended Articles
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
Best Crypto Exchange Affiliate Programs In 2023
Must Read
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
Crypto Telegram Channels List 2023 [Updated]
Must Read
Top 10 Web3 Games To Explore In 2023; Here List
Must ReadAlso Read: Binance’s CZ Calls Layoffs Rumors “Another FUD”
The research firm highlighted that several of the companies went on to offer the delivery of a range of other chemicals. This includes precursors for other synthetic opioids, methamphetamine, and amphetamine.
It added that the payments received in crypto amassed over $27 million. However, the number of transactions has jumped by 450% on year on year (YOY) basis. It is estimated that $27 million worth of precursor can produce fentanyl pills which can gauge a street value of around $54 billion.