UN: Telegram has become a hub for crypto fraud and money laundering
Date: 2024-10-08 Author: Gabriel Deangelo Categories: BUSINESS, IN WORLD
A recent United Nations report has found that criminal networks in Southeast Asia are increasingly using the Telegram messaging app to carry out illicit operations, ranging from trading hacked data to laundering money through unlicensed cryptocurrency exchanges.
According to a study by the United Nations Office on Drugs and Crime (UNODC), organized crime syndicates are exploiting Telegram’s weak moderation and encrypted messaging to carry out large-scale illegal operations. The UN findings highlight the vast scope of cybercrime and money laundering on the platform, Reuters reports.
Criminals are using the app to trade sensitive information, including credit card details and passwords, and to purchase tools such as malware to steal funds through Telegram.
The report also found that unlicensed cryptocurrency exchanges advertised on the app were offering money laundering services for criminal organizations.
Criminal Activity in Southeast Asia
The report focused on Southeast Asia, where Chinese crime syndicates are running billion-dollar scams. According to the UNODC, these operations generate between $27.4 billion and $36.5 billion per year.
The report also cited one group advertising the ability to transfer $3 million in stolen Tether (USDT) tokens per day.
Last week, police in Vietnam dismantled an international crypto scam network operating in the Golden Triangle Special Economic Zone in Laos, arresting five suspects. The scammers had swindled over VND17.6 billion through fake romantic relationships and fake investments on a platform called “Biconomynft.”
