Chinese gangs are utilizing the decentralized nature of cryptocurrency markets to launder billions of dollars, including profits from drug dealing and illegal gambling as well as investment scams. According to Chainalysis, a group of chemical traders in China were linked to crypto addresses where they received more than $37.8 million of assets since 2018 in exchange for fentanyl. This past October, the U.S.’s Office of Foreign Assets Control sanctioned a network of China based individuals and companies for manufacturing and distributing ingredients used in fentanyl and other drugs.
Chinese Gangs use Cryptocurrencies to Launder Billions
