The Ongoing Opioid Crisis: Cryptocurrency Inexorably Linked to the Fentanyl Trade

Cryptocurrency has established itself as the preferred method of payment for transnational organized crime groups involved in the fentanyl trade. Particularly those operating from China-based chemical precursor manufacturers. According to a report by the blockchain analysis firm Chainanalysis, actors in the transnational fentanyl trade are attracted to crypto due to its multiple conveniences. These include its ability to be instantly transferred anywhere in the world, often under a pseudonym, making it more challenging for law enforcement agencies to trace the money and build cases against local traffickers. Since 1999, the U.S. has witnessed nearly one million drug overdose-related deaths, with…