fentanyl crisis

Einstein Crypto Exchange Helping to Fight Fentanyl Crisis

Einstein crypto exchange, based out of Canada, wants to work with other startups globally to help overcome the fentanyl crisis.

Einstein Crypto Exchange Vows To Fight Fentanyl Crisis

If the name fentanyl does not ring any bells in your ears, then probably you have not heard about it before. It is known to be a synthetic drug 50 times stronger than heroin. The spread of this problem is outrageous, with deaths increasing from 357 in 2012 to 1038 in 2017. Around 66 percent of overdose-related drugs in the US happened because of this drug in 2016. This widespread problem seems prevalent in Vancouver, claiming lives of 922 Canadians due to overdose deaths in 2016.

How Does Einstein Crypto Exchange Aim to Help?

The Einstein crypto exchange wants to obtain the list of wallet addresses involving fentanyl-related indictments and arrests. Furthermore, the exchange wants to partner with other crypto-exchanges in Canada and the US in order to build a global database of “bad” wallet holders.

The identification of these bad wallets will help exchanges inform their customers not to send money to them. Although, currently cryptocurrency is not the primary way of sending money for fentanyl (mainly such drug peddlers rely upon traditional money transmitters and bank wires).

Potential Impact of Einstein Exchange’s Effort Against Fentanyl Crisis

Einstein crypto exchange already has a list of addresses linked to the ransomware responsible for helping the trade of fentanyl. The exchange has put together its own list of bad wallet addresses. However, it will also need assistance from law enforcement. Although the drug peddlers and criminals can hide their tracks, the fentanyl users do not seem that apt in hiding their transactions.

Einstein’s CEO on the Effort

Here is what Einstein’s CEO had to say about the exchange’s effort which has started to look like a rebellion in a bid to some good work.

“Cryptocurrencies need government regulation to deter price manipulation and related wrongs, but the absence of such regulation is one of the biggest reasons that investors buy into cryptocurrencies in the first place.”

Since cryptocurrency exchanges carry their weight according to their market share, Einstein started operations just a year ago. Therefore, it may have to do some serious persuading to influence other exchanges to take action against such users. Currently, Einstein crypto exchange handles a daily trade volume of $20 million to $30 million which makes it a low ranking exchange among the top 50.

Bill Gates on Fentanyl Crisis and Cryptocurrencies

Although we have seen in the past the famous billionaire and founder of Microsoft advocate cryptocurrency being better than the fiat money, here is what he had to say about cryptocurrency and its link with fentanyl more recently.

“Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.”

In this sixth session that Bill Gates had with Reddit, he focused on the potential downsides of using cryptocurrencies. One of his concerns was not revealing the name of the account holder like in a credit card statement. Thus, making it easy for criminals to conduct illegal transactions without any trace.