Crypto crime goes industrial as gangs launch coins, launder billions — UN

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Crypto crime goes industrial as gangs launch coins, launder billions — UN - Coin Telegraph

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Source: UNODCHeadquartered in Phnom Penh, Cambodia, the platform has grown to more than 970,000 users and thousands of interconnected vendors.“Concerningly, Huione has recently launched a range of its own cryptocurrency-related products including a cryptocurrency exchange and trading application, online gambling platform, blockchain network, and US Dollar-backed stablecoin designed to circumvent government controls,” the report stated.

Magazine: SEC’s U-turn on crypto leaves key questions unansweredOrganized crime groups across Southeast Asia have scaled their operations by exploiting cryptocurrency — launching their own coins, exchanges and blockchain networks to launder billions of dollars, according to a new report from the United Nations Office on Drugs and Crime (UNODC).

Related: CFTC partners up to warn on crypto pig butchering scamsSoutheast Asia emerges as crypto crime hubThe UNODC warned that scam centers in Myanmar, Cambodia, and Laos have industrialized cybercrime, combining blockchain, artificial intelligence and stablecoins to fuel operations.