Crypto News: Shutdown Crypto-Funded Fentanyl Trade: Sen. 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.

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…

Also 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.

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.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.