Since 2015, chemical shops suspected of having connections to illegal narcotics networks have received $250 million in cryptocurrencies, according to a report by Chainalysis.

Published Thursday, the study done by the blockchain analytics firm shows that a quarter of a billion dollars worth of cryptocurrencies flowed into digital wallets with ties to suspected chemical shops between July 2015 and February 2024. Of those funds, roughly $100 million went to drug plants in China, Chainalysis claims. 

The transfers' recipients are believed to be chemical precursor shops, or drug production sites that produce key ingredients for the production of illegal narcotics such as fentanyl and heroin, according to Chainalysis. 

The new report includes thousands of previously unidentified …