A BBC Eye investigation reveals criminal networks smuggling endangered European glass eels from rivers across Europe to Asia.
Billion Dollar Babies examines how the illegal trade of these juvenile eels has become a multi-billion-dollar business, rivalling some drug markets.
BBC Eye gained exclusive access to Hong Kong triads coordinating the smuggling operations, showing how thousands of euros can be made per kilogram of glass eels.
Once common in European rivers and a traditional food source, the European eel is now critically endangered, with populations down 95% since the 1980s.
Demand in Asia remains high, particularly for aquaculture, where eels cannot be bred in captivity and wild glass eels are the only source.
Triad members describe smuggling eels as “high profits and low risks” compared with drugs, using speedboats and large ships while avoiding mobile phones.
One said, “Just one small glass eel is worth around 2 to 3 dollars. We smuggle 500 to 200 kilos a time.” The gangs operate in coordinated teams across Europe to supply Asian markets.
BBC Eye also spoke to Peter Wood, a British eel trader with over 50 years’ experience, who exports eels for conservation projects.
Controversial exports to Russia ceased in 2025 due to sanctions, affecting his business and staff, although Wood insists all trade was legal and focused on European eel recovery.
The European eel remains under strict international protection, with most glass eels destined for conservation projects to restock rivers. Billion Dollar Babies highlights the tension between a lucrative black market and urgent conservation efforts.
Billion Dollar Babies is available to stream on BBC iPlayer and the BBC World Service YouTube channel.
The one-part World Service podcast The Documentary Podcast: Billion Dollar Babies is on BBC Sounds and other major podcast platforms.
