Chainalysis Links 2023 Drop in Crypto Fentanyl Payments to Earlier Decline in Overdose Deaths

According to Chainalysis, cryptocurrency payments to suppliers of fentanyl precursor chemicals started to decline in mid-2023, several months before official data showed a fall in overdose deaths. The report argues that on-chain flows can signal disruptions in illicit synthetic opioid supply three to six months ahead of public health statistics. It also notes an 85% year-over-year surge in 2025 crypto transactions tied to suspected human trafficking services, reaching hundreds of millions of dollars, with much of the activity centered in Southeast Asia.