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Analysts at Chainalysis have reported a dramatic increase in turnover in the gray market for peptides. According to a report, the annual on-chain payment volume in this sector has surpassed $100 million.

Experts noted that in the first quarter of 2026 alone, the influx of funds surged by 159% — from $12 million to $32 million. Projections indicate that in the second quarter, this figure will reach $39 million.

Source: Chainalysis.

The rising popularity of these substances is attributed to the scarcity and high cost of official weight-loss medications (such as Ozempic). Due to banking restrictions on the sale of over-the-counter compounds, the industry has largely shifted to using Bitcoin and stablecoins.

TikTok and the Looksmaxxing Ideology

Experts identified three stages in the market's development. Until 2025, it remained niche, with an average influx of about $200,000 per month.

This was followed by a spike in interest amid political events in the U.S., particularly Robert F. Kennedy Jr.'s initiative, Make America Healthy Again (MAHA). However, the key catalyst was the end of 2025, when the topic of peptides went viral on TikTok within the looksmaxxing subculture (the pursuit of radical self-improvement).

Source: Chainalysis.

Against this backdrop, average monthly revenues for sellers rose to $9.9 million. The report indicates that influencers are actively promoting Chinese suppliers while ignoring the risks of side effects. Moreover, minors are increasingly found in communities and Discord channels, seeking ways to bypass KYC regulations to purchase these substances.

Declining Safety Oversight

As an indicator of buyer behavior, Chainalysis cited data from the Janoshik laboratory in the Czech Republic, which specializes in testing the chemical purity of substances. Since 2023, wallets associated with it have received over $12 million in cryptocurrency.

Source: Chainalysis.

Despite the increase in the laboratory's overall revenue, the average cost of testing substances per buyer has dropped by 88% — to $8. Consumers are increasingly trusting certificates published by sellers themselves. Analysts warned that such documents often confirm the purity of a substance but not its sterility, which can be deadly when injected.

Source: Chainalysis.

Links to Drug Cartels

Chainalysis found that several major peptide suppliers are Chinese chemical companies that previously supplied drug cartels with precursors for fentanyl and amphetamines. Under regulatory pressure, they shifted to a less legally risky but more profitable direct-to-consumer (D2C) model.

The report mentions two companies:

  • Shanghai Sigma Audley: previously identified as a supplier of fentanyl precursors, including for darknet marketplaces. In 2025, the company began selling "cosmetic" peptides on Reddit, using the same contact number as in its drug precursor advertisements;
  • Bigreat Technology: a supplier of reagents for synthetic drugs focused on the markets of Russia and Kazakhstan. Under the pseudonym Zhengzhou DEPU Technology, the firm switched to retailing weight-loss products for cryptocurrency.
Source: Chainalysis.

Analysts emphasized that blockchain transparency allows for real-time tracking of such transformations in illegal supply chains.

It is worth noting that from 2020 to 2025, the volume of money laundering through cryptocurrencies increased from $10 billion to $82 billion.