Telegram a Key Platform for Crypto Scams and Laundering, Says UN

A recent study from the United Nations claims that popular messaging app Telegram is being used more often by criminal organizations in Southeast Asia to support their illicit operations. Telegram’s encrypted messaging capabilities and lax moderation make it a desirable venue for cybercriminals engaged in money laundering, data theft, and the trading of illegal instruments, according to information released by the UN Office for Drugs and Crime (UNODC).

The extensive cybercrime operations occurring on Telegram are revealed by the UN’s conclusions, as reported by Reuters. Organized criminal organizations using the app to purchase and trade stolen data, including passwords and credit card details. Additionally, by using the platform to obtain malware, these crooks are able to steal money from gullible victims.

A key concern outlined in the report is the proliferation of unlicensed cryptocurrency exchanges being promoted on Telegram. These exchanges offer services that enable money laundering, making it easier for criminal networks to clean their illegally obtained funds. The report highlights how these platforms are often unregulated, offering an open door for fraudsters to conduct illegal financial activities.

Southeast Asia’s Crime Syndicates

The UN report focuses specifically on Southeast Asia, where organized crime syndicates, particularly those from China, are running billion-dollar fraud schemes. According to UNODC estimates, these operations generate between $27.4 billion and $36.5 billion annually. One notable example cited in the report involves a group that boasted of being able to launder up to $3 million worth of stolen Tether (USDT) each day.

As criminal networks adjust to the increasing use of technology and digital assets to carry out their nefarious activities, these developments show a concerning trend. These groups are now able to grow their operations without being discovered by law authorities because to the popularity of encrypted communication services like Telegram. The UNODC report highlights the critical need for better laws and control of such platforms to tackle the growing cybercrime problem in the region.