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Suspected China-based fentanyl suppliers raking in tens of millions in crypto, analysis shows

Posted on AllSides May 24th, 2023
From The Right
Illustration by Chesnot/Getty Images / Getty Images

Cryptocurrency is an attractive payment method for the illicit drug trade, and a new analysis shows suspected China-based companies producing chemicals used to make deadly fentanyl have received tens of millions in digital currencies in recent years.

A report released Wednesday by blockchain data platform Chainalysis identified crypto addresses associated with dozens of Chinese suppliers believed to be shipping fentanyl ingredients overseas and found the producers have collectively raked in at least $37.8 million in crypto since 2018. 

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