Shutdown Crypto-Funded Fentanyl Trade: US Senator Elizabeth Warren

Crypto News: U.S. Senator Elizabeth Warren on Wednesday raised a concerning issue related to cryptocurrencies during a recent Senate hearing. She suggested a connection between crypto payments in the Chinese fentanyl trade. However, Senator urged the legislation to break this trade.

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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…

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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.

However, the mentioned amount of Fentanyl is enough to cause around 8.6 billion people to suffer an overdose, claims Elliptic. It further added that some known trafficker has made some huge amount of payments in Bitcoin to these suppliers.