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Chinese Fentanyl Producers Taking Payment in CryptoA report produced by blockchain analytics and crypto compliance solutions firm Elliptic has found that most Chinese suppliers of fentanyl precursors are accepting payments for the illicit material in cryptocurrency.In a blog post published on its website on Tuesday, Elliptic claimed that 90 percent of the 90 China-based firms, from which its researchers received offers of fentanyl precursors, accepted cryptocurrency as a form of payment. The majority of fentanyl which is trafficked into the United States is manufactured using imported fentanyl precursors like the material that the Elliptic researchers were offered.Seventeen of the suppliers even offered to provide fentanyl itself. Others still offered to supply synthetic opioids, equally or more potent than fentanyl, which are currently legal to both produce and supply within China.Photo by Hal Gatewood on UnsplashTracking blockchain transactionsIn tracing back transactions relative to these illicit suppliers, the Elliptic researchers’ analysis demonstrated that the digital asset wallets used by the rogue suppliers have received thousands of payments. The research team has estimated the net worth of those transactions to total $27 million.It appears that a move towards crypto payments is trending with this group of suppliers as there has been a 450% increase year-on-year when it comes to payments for fentanyl precursor using crypto.The study highlighted activity related to Dutch national Alex Peijnenburg. An alleged fentanyl supplier, Peijnenburg, made an $85,000 payment in crypto to one of the ninety fentanyl precursor suppliers identified by Elliptic researchers. In November of last year, the Dutchman was sanctioned by US authorities relative to his activities.Global trade and distributionThe report stated: “During our correspondence, the suppliers showed no concerns about how the chemical would be used, with some explaining that it was their best-selling product and could be used to produce fentanyl.”It went on to state that “others pointedly mentioned that they had sold it to customers in Mexico.” Mexico is a significant location in the global drugs trade, given the activity of drug cartels within the country. One supplier offered an insight to researchers as to the preferences of their nefarious Mexican clients, stating: “They always use USDT or Bitcoin to pay. It is no problem.”While it looks like these nefarious Chinese companies are able to trade into and out of crypto assets, that should be a difficulty for them as China banned the offering of crypto trading services going back a number of years already. Furthermore, foreign digital asset exchanges are prohibited from servicing the needs of Chinese clients where crypto is concerned.Elliptic’s research team uncovered that the majority of the illicit drugs trade suppliers have been using workarounds in order to gain access to overseas digital asset exchanges. The suppliers have used intermediaries in order to convert crypto into Chinese yuan.The report concludes that this part of the international fentanyl trade can be dealt with and “disrupted by the services that act as gateways into and out of crypto assets.” On arriving at that conclusion, Elliptic has acted by notifying the digital asset exchanges that these suppliers are using. “[We] have flagged hundreds of crypto addresses in our tools as being linked to this activity,” the report states.Crypto had infamously been associated with illicit activity on the dark web in its earliest years. It has moved well beyond that although due to its decentralized nature, it’s difficult, if not impossible, to control who utilizes decentralized digital currency.

Uniswap Competitor Maverick Protocol Raises $9M in FundingMaverick Protocol, a Singapore-centric DeFi project which aims to disrupt Uniswap’s dominance, has announced a fresh capital funding round.On Wednesday, Maverick announced that it successfully raised $9 million in a seed funding round led by Founders Fund. Prominent participants in the round include Binance Labs, Coinbase Ventures, Pantera Capital, and Apollo Crypto.It’s not clear what Maverick’s current valuation stands at, and in discussion with Fortune, Alvin Xu, one of the co-founders of Maverick Protocol, refrained from disclosing that valuation.Photo by Towfiqu barbhuiya on Pexels“Surgical approach to DeFi”Joey Krug, a partner at Founders Fund, expressed confidence in Maverick’s potential to contribute to the growth of the DeFi industry through its “surgical approach to decentralized finance.” Krug added that “Maverick has quickly established itself as a hub for liquid staking token trading whilst having greater capital efficiency for liquidity providers.”The injection of capital into Maverick comes at a time when crypto enthusiasts are seeking alternative platforms for purchasing and exchanging tokens. This shift in interest was sparked by the Securities and Exchange Commission (SEC) in the United States filing lawsuits earlier this month against two prominent centralized crypto exchanges, Binance and Coinbase.Following the news of the lawsuits, both Binance and Coinbase experienced significant outflows of cryptocurrencies. Simultaneously, the trading volume on decentralized exchanges, which are characterized by their lack of central ownership, surged from $1.2 billion the day before the Binance lawsuit was filed to $3.1 billion on the day the suit was made public, according to data from DefiLlama. These events occurred during the early afternoon when the SEC unveiled its charges.Crypto industry OGAlvin Xu has been actively involved in the crypto industry since 2018 when he joined the Tron Foundation and subsequently BitTorrent. For a time, he worked at Ethereum-centric blockchain infrastructure firm, ConsenSys, contributing to the development of the MetaMask wallet.In 2021, Xu embarked on the creation of Maverick Protocol, an automated market maker. Typically, market makers like Citadel Securities play a crucial role in traditional finance, matching buy and sell orders for stocks. In the crypto realm, where trading operates 24/7, Uniswap has gained popularity as it automates market making for a wide range of tokens.Xu believes that his new protocol can challenge Uniswap’s dominant position, stating: “That’s definitely our goal.” However, he acknowledges the substantial advantage Uniswap holds as a first-mover in the crypto world.Since its launch in March, Maverick Protocol, currently employing nine individuals, has set its sights not only on competing with Uniswap and other automated market makers but also on surpassing centralized exchanges such as Binance and Coinbase. Xu acknowledges that achieving this goal will require time and further development, stating: “I think it’s still early.”Maverick Protocol’s recent funding round provides a strong boost to its ambitions, stoking further competition with market leader Uniswap, while playing a role in shaping the future of DeFi.

Korean Blockchain Experts Suggest Tackling Everyday Challenges with Blockchain AdoptionAt a recent blockchain conference, experts from the Korean industry proposed that the adoption of blockchain could be amplified by addressing daily challenges such as parking problems, according to a report by local news outlet Decenter. They also believe that blockchain has the potential to enhance the quality of life by fostering community solidarity. For this vision to be fully realized, they emphasized the crucial role of government policy support.Photo by Filip Filkovic Philatz on UnsplashBlockchain and parking managementOn October 30 at the 2023 Global Blockchain Incheon Conference (GBIC) in Songdo, Incheon, several applications of blockchain technology were highlighted. Kim Jung-eun, a professor at the Graduate School of Engineering at Inha University, discussed the benefits of integrating blockchain into the management of shared parking lots. She underscored that while privately opening up idle parking lots in locations such as villas can introduce concerns of theft and time violations, blockchain technology can address these challenges. By documenting vehicle details on the blockchain and controlling usage time with smart contracts, the parking process can also become more transparent and trustworthy.Enhancing a city’s image through civic unityBuilding on the theme of blockchain’s societal benefits, the conference also touched on its prospects to enhance civic unity. Kim Hyung-joon, a professor at Pai Chai University, highlighted the significance of civic solidarity in enhancing a city’s image. He drew attention to Stockholm, Sweden, lauding it as one of the happiest cities globally and emphasizing the vital role a sense of community plays in such acclaim. Professor Kim believes that promoting a robust community feeling through Web3 platforms and decentralized autonomous organizations can boost a city’s competitive edge. He stressed that this approach should be paired with policy initiatives that actively support Web3 and blockchain technologies. With the technology being mature, Kim underscored the pivotal role governments play, noting that numerous projects have been stifled by restrictive regulations.Four strategies for the Web3 industryAt the same event, Professor Park Soo-yong from the Computer Science and Engineering Department of Sogang University shared insights on strategic approaches for the burgeoning Web3 industry. He emphasized four primary strategies: bolstering the Web3 gaming and entertainment sectors, cultivating talent for the evolving digital economy, advancing digital asset innovations and financial systems, and urging transformation within governmental agencies. Professor Park highlighted the current division in jurisdiction — with the entertainment industry overseen by the Ministry of Culture, Sports and Tourism, and the digital asset sector regulated by the Financial Services Commission. He asserted that consolidating these sectors under one unified jurisdiction could drive significant progress.In a related note, a study from Emergen Research projects a bright future for the Web3 market. It’s forecasted to experience a compound annual growth rate (CAGR) of 43.7% between 2021 and 2030. This would see its revenue grow from $3.2 billion in 2021 to $81.5 billion in 2030.