'Looksmaxxing' Trend Spawns $100M Gray Market Fueled By Bitcoin, Stablecoins: Chainalysis
60-second summary
A gray market worth $100 million is emerging, driven by the "looksmaxxing" trend where individuals use peptides to enhance their appearance. Primarily fueled by Bitcoin and stablecoins, this market is thriving outside traditional financial channels. As a result, the use of cryptocurrencies for illicit activities is on the rise, raising concerns about their potential misuse.
Demand for peptides fueled by the "looksmaxxing" trend has spawned a $100 million gray market paid for primarily with crypto.