Coinbase, in collaboration with Chainalysis, has successfully executed a targeted operation to combat illicit cryptocurrency activity linked to fentanyl distribution. Despite illicit crypto transactions accounting for only 0.14% of total activity, the operation aimed to trace financial flows, shut down high-risk accounts, and provide actionable intelligence to law enforcement agencies across the U.S., EU, and Asia-Pacific regions. This initiative has already contributed to ongoing investigations and arrests, highlighting the effectiveness of blockchain analysis in tackling illegal activities.