A federal grand jury in Ohio has indicted two Chinese companies, Shandong Believe Chemical Company Pte Ltd and Shandong Ranhang Biotechnology Co Ltd, along with six Chinese nationals. They are accused of supplying fentanyl precursors and diluents, and laundering money through cryptocurrency. The indictment alleges that the defendants used controlled wallets to receive crypto assets, which were then transferred to overseas financial institutions. Some defendants are also accused of supporting Mexican drug cartels. If convicted, they face up to life imprisonment and a maximum 20-year sentence. Reports indicate that approximately 97% of Chinese precursor manufacturers accept cryptocurrency payments, with on-chain funds expected to reach $39.1 million by 2025.