Blockchain intelligence firm TRM Labs has revealed that cryptocurrency deposits into crypto addresses linked to Chinese drug precursor manufacturers more than doubled in the first four months of 2024 compared to the same period in 2023.
The report also highlighted that 11 manufacturers were responsible for over 70% of all crypto-denominated sales of drug precursors. These manufacturers receive funds from unhosted wallets, cryptocurrency exchanges, and payment services, with their wallets most commonly hosted at exchanges. The report revealed that Chinese drug precursor manufacturers mainly target countries including Canada, the Netherlands, Australia, Germany, and the United States. Advertisements have also been directed towards Russia and neighboring countries, particularly for mephedrone precursors.that the root cause of the U.S. fentanyl crisis lies in the People’s Republic of China, which manufactures over 97% of the precursors used in the global illicit fentanyl trade.
“The CCP has had this program in place since at least 2018. At that time, they subsidized at least 17 illegal synthetic narcotics that are Schedule I controlled substances, including 14 deadly fentanyl analogues.”
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