Crime syndicates are minting stablecoins and building exchanges to launder billions of dollars, warns a UN report.
Organized crime groups across Southeast Asia have scaled their operations by exploiting cryptocurrency and 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).
The report said criminal syndicates are no longer just using existing crypto infrastructure. Instead, they are actively building tailored financial ecosystems to evade detection.
One example cited in the report is the Chinese-language ecosystem and marketplace known as Huione Guarantee, now rebranded as Haowang, which has processed more than $24 billion in crypto linked to fraud over the past four years.
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