- A more powerful criminal environment is something the United Nations has warned about.
- USDT has become the focal point of an upsurge in illicit activity, mostly in Southeast Asia.
A new UN report states that Tether (USDT) is being used by Southeast Asian fraudsters and money launderers. The UN Office on Drugs and Crime has published a report that brings attention to the worrying increase in scams, with a focus on the notorious “pig butchering” strategy that involves fake love relationships.
At the same time, criminal networks take advantage of the immutability and speed of Tether to set up a rival financial system, all as the digital currency scene changes. A more powerful criminal environment is something the United Nations has warned about, highlighting the critical need for cryptocurrency regulation.
Calls for Strong Measures
Moreover, the United Nations Office on Drugs and Crime’s report states that Tether (USDT) has become the focal point of an upsurge in illicit activity, mostly in Southeast Asia. ‘Pig butchering,’ is referred to as something in which con artists create fake love relationships in order to take advantage of their victims on an emotional and financial level.
At the same time, the UN report brings attention to a worrisome increase in complex, fast-track money laundering, with a focus on Tether (USDT). Also, this increase is causing law enforcement and financial intelligence agencies to become more concerned. This trend indicates that there is a rising need for strong measures to combat financial crimes committed digitally.
Notably, the traditional method of laundering illegal profits via black market casinos has been made easier by the emergence of crypto and other technical breakthroughs. Also highlighted in the report is the fact that many cryptocurrency-based money laundering operations take place on illicit online gambling platforms.
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