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    <p>A single Chinese company has managed to rake in more than $100 million in <a rel="noopener noreferrer nofollow" title="USDT" href="https://thebittimes.com/tag/usdt.html">USDT</a> from so-called <a rel="noopener noreferrer nofollow" title="‘pig-butchering’" href="https://thebittimes.com/tag/pig-butchering.html">‘pig-butchering’</a> romance <a rel="noopener noreferrer nofollow" title="Scam" href="https://thebittimes.com/tag/scam.html">Scam</a>s in under two years, according to research from blockchain analytics firm Chainalysis.</p>
    <p>As reported by the Financial Times, Chainalysis and anti-slavery group International Justice Mission (IJM) tracked massive amounts of victims’ crypto that had been deposited into just two wallets. It also traced numerous ransom payments made to a compound in Myanmar by the families of trafficked workers.</p>
    <p>An IJM spokesperson said, “Everyone has known for a long time that these kinds of <a rel="noopener noreferrer nofollow" title="Scam" href="https://thebittimes.com/tag/scam.html">Scam</a>s are blockchain-based, but this is the first time we’ve been able to tie it to a specific location and a known compound.”</p>
    <p>Jackie Koven, head of cyber threat intelligence at Chainalysis, added, “This case is so illustrative of what’s happening, it’s just a vignette of what’s taking place on a [larger] scale.</p>
    <p>“Once criminals realized it was traceable <strong>we thought they would stop using it, but they didn’t</strong>.”</p>
    <p>The Myanmar-based company hasn’t been identified in order to protect its workers, however, IJM says former workers gave it details on the wallets used to receive the USDT. It also said that the compound, known as KK Park, was “likely to be home to thousands of trafficked workers,” and described it as “a self-contained city.”</p>
    <p><em>Read more: Hong Kong investment manager loses $1.5M inheritance in crypto <a rel="noopener noreferrer nofollow" title="Scam" href="https://thebittimes.com/tag/scam.html">Scam</a></em></p>
    <h2 class="wp-block-heading" id="h-un-has-warned-about-usdt-before">UN has warned about USDT before</h2>
    <p>Last month, a United Nations (UN) report revealed that Tether and USDT are at the heart of a “parallel banking system” created by organized crime and making use of new technologies..</p>
    <p>The report, published by the UN’s Office on Drugs and Crime, detailed how USDT has become a popular payment method for criminal gangs, particularly those in the gambling industry, operating in Southeast Asia.</p>
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       United Nations reports USDT used for money laundering across SE Asia
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    <p><em>Read more: UN report links crypto scams to Southeast Asia slave trade</em></p>
    <p>According to the <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>, “Online gambling platforms, and especially those that are operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, <strong>particularly for those using Tether or <a rel="noopener noreferrer nofollow" title="USDT" href="https://thebittimes.com/tag/usdt.html">USDT</a> on the TRON25 blockchain</strong>, while also fueling the intensification of Southeast Asia’s rapidly growing illicit digital economy, and particularly the regional cyberfraud industry.”</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/single-chinese-pig-butchering-operation-made-100m-in-usdt-report-tbt80837.html">https://thebittimes.com/single-chinese-pig-butchering-operation-made-100m-in-usdt-report-tbt80837.html</a></p>

Single Chinese ‘pig-butchering’ operation made $100M in USDT, report

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