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Home»ADOPTION NEWS»UN identifies USDT as an excellent choice for SEA fraud: FT
ADOPTION NEWS

UN identifies USDT as an excellent choice for SEA fraud: FT

By Crypto FlexsJanuary 15, 20242 Mins Read
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UN identifies USDT as an excellent choice for SEA fraud: FT
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Posted 1 minute ago In ~

rope USDT

-0.03%
‘S USDT stablecoin It has become one of the main payment methods for money laundering and fraud in Southeast Asia, the United Nations warned in a report on Monday.

“Online gambling platforms, especially those operating illegally, have emerged as one of the most popular vehicles for cryptocurrency-based money laundering, particularly for those using Tether,” the UN report said, according to the Financial Times.

The United Nations has also reportedly suggested that the world’s most popular stablecoin has been widely used in underground scams, including ‘romantic scams’.pigsticking.” This may not be surprising. Last November, Tether said it had assisted the U.S. Department of Justice in freezing approximately $225 million in USDT in an external self-custodial wallet linked to an international human trafficking ring in Southeast Asia responsible for the pork trade. Slaughter scam.

The report also noted how law enforcement agencies have disrupted several money laundering networks involved in illicit Tether fund transfers in recent years. Last August, for example, Singapore authorities took action to dismantle one such network. Recovery of approximately $735 million In both cash and cryptocurrency.

Tether did not immediately respond to The Block’s request for comment.

Last December, Tether CEO Paolo Ardoino said in a letter shared with U.S. lawmakers: onboard Added the US Secret Service and Federal Bureau of Investigation to the platform.

During 2023, Tether will see its share of the global stablecoin supply. Growing from 50% to 71%According to The Block data.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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