New Jersey Man Sentenced to 12 Years for Using Bitcoin to Pay Chinese Fentanyl Suppliers
William Panzera of North Haledon was sentenced to 12 years in prison for trafficking over a metric ton of fentanyl-related drugs into the U.S. and participating in an international money laundering conspiracy. From 2014 to 2020, Panzera helped direct the smuggling of fentanyl analogues, MDMA, methylone, and ketamine from China to New Jersey, distributing them in bulk and as counterfeit pills. The operation was financed using both traditional wire transfers and hundreds of thousands of dollars in Bitcoin sent directly to Chinese suppliers, exploiting crypto’s anonymity to bypass banking oversight. Federal authorities note that Chinese suppliers remain the leading source of fentanyl and counterfeiting tools, aided by Chinese underground banking networks and organized crime syndicates. Blockchain analytics revealed that China-based chemical traders received tens of millions in crypto for such transactions. Eight others tied to the case have pleaded guilty. U.S. officials highlight the challenge posed by cryptocurrencies in combating the fentanyl trade.
