Mexican drug cartels have been using Bitcoin, Ethereum, Monero, and USDT to buy ingredients for producing fentanyl, a deadly synthetic opioid. This information comes from a report by the US Financial Crimes Enforcement Network (FinCEN).
Cryptocurrency Transactions
Cartels purchase fentanyl precursors, pill presses, and other equipment from Chinese companies using cryptocurrencies and other methods. They send crypto to individuals connected to Chinese suppliers or to third-party wallets.
Other Payment Methods
In addition to cryptocurrencies, cartels also use banks, money services businesses, and online payment processors to acquire fentanyl-producing materials. Many of these transactions are cleared in US dollars through correspondent banks, online payment processors, and agents of American MSBs.
Shell Companies
Cartels also use shell companies disguised as legitimate Chinese exporters and Mexican importers to facilitate these transactions.
