Bitcoin

A new <a href="https://bit.ly/4eT6GcW" rel="noopener noreferrer nofollow">report</a> from the United Nations Office on Drugs and Crime (UNODC) revealed that crime groups in Southeast Asia are increasing. Hackers are using digital currency to grow their fraudulent activities, causing financial losses estimated between US $18 billion and $37 billion in 2023 alone. The UNODC has urged Southeast Asian countries to criminalize unlicensed crypto providers.The ReportThe study, titled Transnational Organized Crime and the Convergence of Cyber-Enabled Fraud, Underground Banking, and Technological Innovation: A Shifting Threat Landscape, is the second in a series that looks at the growth of criminal enterprises in the region. Masood Karimipour, the UNODC Regional Representative for Southeast Asia and the Pacific, stated that these groups are using fast-moving technology to create larger frauds that are tough for authorities to detect and stop.Use of Digital Assets in FraudThe report explained how cyber fraud, especially through loosely regulated online gambling and digital currency platforms, has become a key way for criminals to launder billions of dollars. A <a href="https://cryptotale.org/hackers-launder-35m-from-305m-dmm-bitcoin-hack-via-huione-marketplace/" rel="noopener noreferrer nofollow">relevant case</a> is the laundering of $35 million from the DMM Bitcoin hack through the Huione marketplace. These groups use these platforms without enough oversight, mixing illegal money into the global financial system.<a href="https://cryptotale.org/unodc-warns-of-rising-crypto-fraud-in-southeast-asia-report/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

UNODC Warns of Rising Crypto Fraud in Southeast Asia: Report

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