A study found that crypto payments to the wallets of some China-based fentanyl precursor suppliers totaled enough to produce pills with a street value of approximately $54 billion, Senator Elizabeth Warren said.
In a U.S. Senate Banking Committee hearing on Wednesday, Senator Elizabeth Warren brought up the use of crypto to fund trade in the opioid fentanyl between China and the United States.
In a question to Deputy Secretary of Treasury Elizabeth Rosenberg, Warren asked if any of the suppliers use cryptocurrency in illegal drug transactions, as cited by a recent report by blockchain firm Elliptic. Rosenberg also pointed out that the reason why they “would find this appealing is the same reason that other financial criminals would find this appealing, which is to say there’s an element of pseudonymity they seek.”
In the Elliptic report, researchers found that more than 80 China-based groups offered to supply fentanyl precursors in exchange for crypto, including bitcoin and tether USDTUSD, +0.01%. The wallets associated with these suppliers saw a 450% increase in the amount of payments received in the 12 months ending April 30th.
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