A report from the United Nations (UN) recently revealed that Tether USDT, one of the world's largest stablecoins, has become the tool of choice for money laundering in Southeast Asia. The report highlights the increasing use of Tether in illegal activities, including 'pig butchering' scams that harm many people.
Tether USDT Suspected of Being a Tool of Crime
The UN report highlights a growing trend of Tether USDT being used in illegal activities, including 'pig butchering' scams that utilize fake romantic relationships to defraud victims. This phenomenon has caused harm to many people.
Interestingly, Tether USDT is often chosen by criminals because of its convenience for fast and anonymous transactions. This is especially visible in the case of illegal online casinos, which often use Tether USDT as a transaction tool.
Jeremy Douglas of the UN Office on Drugs and Crime emphasized that organized crime has taken advantage of new technologies to create parallel banking systems. With the help of crypto and unregulated online casinos, this criminal ecosystem is growing in Southeast Asia.
Law Enforcement Efforts Against Money Laundering
According to the UN report, Tether USDT, whose value is tied to the US dollar, makes it easier for perpetrators to carry out transactions in the crypto market. This differentiates it from other cryptocurrencies such as Bitcoin, which are more often used for speculation.
Several law enforcement operations, including those carried out by Singaporean authorities, have successfully disrupted money laundering networks using Tether USDT. For example, an operation in Singapore last August resulted in the seizure of around $737 million in cash and crypto.
Implications for Crypto Users
The use of Tether USDT in money laundering activities in Southeast Asia reminds us all of the risks associated with digital assets. It is important for crypto users to have a deep understanding of this world to avoid getting involved in illegal activities.
The UN report highlights not only the potential benefits of digital assets, but also the major risks that can arise from their use. Therefore, vigilance and extensive knowledge about cryptocurrencies such as Tether USDT are key to avoiding getting caught in illegal activities and ensuring safe and responsible use.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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