Informed Crypto News
Telegram a haven for crypto launderers and fraudsters, reports UN
Headline, Telegramahaven for crypto launderers and fraudsters reports UN published at 3.14 PM UTC, October 7th, 2024 on Protos.com. Telegram has become a haven for criminal networks in Southeast Asia, helping them to launder stolen funds using crypto, trade-hacked data, and acquire tools for fraud, according to a United Nations UN report. As reported by Reuters, the UN says the end-to-end encrypted app has fundamentally changed how organized crime operates. It found criminal enterprises in Southeast Asia, including Chinese syndicates, reportedly make between $27.4 billion and $36.5 billion annually. Unlicensed crypto exchanges are also reportedly advertising money laundering services on the app. In an advert identified by the UN claimed, "We move 3 million USDT stolen from overseas per day." Criminal networks use Telegram to trade stolen sensitive information, from credit details to passwords, and buy-up malware designed to steal funds. At least 10 deep-fake software providers were also found to be advertising their services to criminals. The UN has previously described Tether USDT as the stablecoin of choice for criminal networks in Asia. Indeed, earlier this year a filed indictment detailed that somewhere in the region of $35.4 million had been stolen from victims of a pig butchering scam and converted into USDT. Chinese authorities also dismantled an underground banking group accused of facilitating almost $2 billion worth of illicit transactions using USDT. Telegram founder Pavel Durov was arrested in August and charged with allowing Telegram to facilitate drug trafficking, sexual images of children, and criminal transactions. Durov has since introduced various changes to the platform, dropping a "people nearby" feature, and removing references in the FAQ to private chats being protected. This recording was AI-generated. Get more crypto news at Protos.com.