UN: USDT has become the main crypto asset for money laundering in Southeast Asia

“Organized crime has created a parallel banking system using new technologies, and the proliferation of poorly or completely unregulated online casinos along with cryptocurrency has strengthened the region’s criminal ecosystem,” the report said.

UN analysts suggest that the stablecoin has been widely used in various fraudulent schemes, including romance scams and so-called “pig butchering”. The latter scheme involves “fattening” the victim with promises of big and easy money.

The document notes that in recent years, law enforcement agencies have disrupted the activities of numerous networks involved in the transfer of illicit funds into USDT. Thus, in August last year, the Singaporean authorities liquidated a similar scheme involving USDT and returned the stolen $735 million.

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