Blockchain
TRM Labs Reports $26 Million Crypto Surge to Chinese Precursor Producers
In 2023, payments in cryptocurrencies to China-based precursor manufacturers surged to over $26 million, according to blockchain intelligence firm TRM Labs. This represents a sixfold increase from 2022.
TRM Labs’ data indicates that about $50 million, or 60 percent of the total crypto payments to these Chinese precursor makers, were conducted using Bitcoin. The TRON blockchain accounted for 30 percent of the payments, while Ethereum was used for 6 percent. These payments primarily originated from unhosted wallets, cryptocurrency exchanges, and payment services, with the manufacturers’ wallets being mainly hosted at exchanges.
Major Markets and Payment Methods
Chinese precursor manufacturers have been targeting markets in Canada, the Netherlands, Australia, Germany, and the United States. There are also advertisements aimed at Russia and other nearby countries for mephedrone precursors. These manufacturers accept fiat currency payments via PayPal, MoneyGram, Western Union, and bank transfers.
US Congressional Committee Findings
In April, a US congressional committee claimed that China supports the production of precursor chemicals used in manufacturing fentanyl, which is fueling the US opioid crisis. The committee noted that China offers value-added tax rebates to companies that produce fentanyl analogs and other synthetic narcotics’ precursors for export.
Rising Crypto Payments
TRM Labs’ analysis shows that deposits to addresses linked to Chinese drug manufacturers increased by 106 percent in the first four months of 2024 compared to the same period in 2023. The report identified 11 manufacturers responsible for over seventy percent of all cryptocurrency-based drug precursor sales.
The Growing Use of Cryptocurrency in the Drug Trade
The use of cryptocurrency by Chinese drug makers is increasing due to its ability to obscure transaction details and facilitate easy transfers. This trend reflects the broader movement towards digital currencies replacing traditional payment methods in the drug trade. Blockchain intelligence firms like TRM Labs and Elliptic have been monitoring these developments. Elliptic has noted that fentanyl is favored by drug cartels because it is cheaper to produce and more potent than heroin. This is particularly concerning in light of the ongoing opioid epidemic in the United States, where fentanyl is the leading cause of death among individuals aged 18-45.
Source: coinfomania.com
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Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
Digital Payment Gateway Market
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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