Blockchain intelligence firm TRM Labs has revealed that cryptocurrency deposits to addresses linked to Chinese drug precursor manufacturers more than doubled in the first four months of 2024 compared to the same period. 2023.
In 2023, China’s precursor production networks received more than $26 million in cryptocurrency, with 97% of the 120+ manufacturers studied offering digital currency payment options.
According to TRM Labs, the total amount of cryptocurrency deposited into wallets associated with these manufacturers has increased more than 600% from 2022 to 2023.
Bitcoin remains the dominant cryptocurrency used for these transactions, accounting for around 60% of total payment volume. After Bitcoin, the TRON blockchain accounts for about 30% of transactions, while Ethereum accounts for about 6%.
The report also highlights 11 manufacturers responsible for more than 70% of all cryptocurrency sales of drug precursors. These makers receive funds from unhosted wallets, cryptocurrency exchanges, and payment services.
In addition to prioritizing cryptocurrencies, Chinese manufacturers also accept fiat currencies through platforms such as PayPal, MoneyGram, Western Union, and traditional bank transfers.
The report revealed that China’s drug precursor manufacturers primarily target countries including Canada, the Netherlands, Australia, Germany and the United States. Advertisements also target Russia and neighboring countries, especially mephedrone precursors.
Annie
According to Cryptopotato
