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
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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