Tether Attracts United Nations’ Attention
The cryptocurrency company Tether has been highlighted in a recent UN report on crime, due to the prevalent use of its stablecoin, USDT, in money laundering and fraudulent activities, particularly in Southeast Asia. The token is notably being used in sham investment schemes promising high returns.
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The cryptocurrency company Tether has been highlighted in a recent UN report on crime, due to the prevalent use of its stablecoin, USDT, in money laundering and fraudulent activities, particularly in Southeast Asia. The token is notably being used in sham investment schemes promising high returns.
“Organised crime has effectively created a parallel banking system using new technologies,” stated Jeremy Douglas of the UN’s office on Drugs and Crime.
Furthermore, criminal groups frequently employ USDT in illegal online casinos as a means to launder ill-gotten gains. Remarkably, a criminal syndicate in Myanmar openly advertised on a street banner, offering to exchange illicit tokens for cash dollars.
This situation persists despite numerous efforts by law enforcement and Tether itself to curb the misuse of the stablecoin. The company has even started collaborating with U.S. authorities to block sanctioned wallets, but so far this has not yielded significant results.
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