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· Elliptic identified the involvement of centralized exchanges in the purchase of fentanyl-precursor chemicals.· The Russian CEX Garantex and an unnamed Australian exchange have been identified as the major intermediaries.· More than $32 million in cryptocurrencies have been transferred to the Chinese sellers&#39; accounts to purchase the deadly chemical.The latest research by the blockchain analytics company Elliptic identified that centralized exchanges including Russian crypto firm Garantex have been facilitating the purchase of fentanyl-precursor chemicals from China. The report revealed that the crypto-denominated purchases of the fentanyl-precursor chemicals or pill presses largely saw the transactions of Bitcoin (BTC) and Tether (USDT).As per Elliptic’s <a href="https://www.elliptic.co/hubfs/Elliptic_Report_Crypto%20and%20the%20Global%20Fentanyl%20Trade.pdf" rel="noopener noreferrer nofollow">report</a> released on Thursday, China is the primary producer and exporter of fentanyl and its precursors, a dreadful drug that has become a prime agent for the death of Americans. The report, which came following an earlier <a href="https://www.elliptic.co/blog/chinese-businesses-fueling-the-fentanyl-epidemic-receive-millions-in-cryptocurrency-payments" rel="noopener noreferrer nofollow">report</a> in May, delved deep into the role of digital currencies in the trade of fentanyl and identified that the Chinese sellers accepted cryptocurrencies as a mode of payment.In the previous report, Elliptic exposed that the Chinese suppliers of the drug have been receiving millions of dollars in cryptocurrency as their payments. While in May’s report, it was identified that more than 90 Chinese chemical companies received $27 million in crypto payments, the recent report highlighted that the crypto payments in fentanyl-precursors exceeded $32 million.Read full article at <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">CryptoTale</a>.

Research Identifies CEXs’ Involvement in the Purchase of Fentanyl-Precursor Chemicals

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