UN identifies USDT as an excellent choice for SEA fraud: FT

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‘S USDT stablecoin It has become one of the main payment methods for money laundering and fraud in Southeast Asia, the United Nations warned in a report on Monday.

“Online gambling platforms, especially those operating illegally, have emerged as one of the most popular vehicles for cryptocurrency-based money laundering, particularly for those using Tether,” the UN report said, according to the Financial Times.

The United Nations has also reportedly suggested that the world’s most popular stablecoin has been widely used in underground scams, including ‘romantic scams’.pigsticking.” This may not be surprising. Last November, Tether said it had assisted the U.S. Department of Justice in freezing approximately $225 million in USDT in an external self-custodial wallet linked to an international human trafficking ring in Southeast Asia responsible for the pork trade. Slaughter scam.

The report also noted how law enforcement agencies have disrupted several money laundering networks involved in illicit Tether fund transfers in recent years. Last August, for example, Singapore authorities took action to dismantle one such network. Recovery of approximately $735 million In both cash and cryptocurrency.

Tether did not immediately respond to The Block’s request for comment.

Last December, Tether CEO Paolo Ardoino said in a letter shared with U.S. lawmakers: onboard Added the US Secret Service and Federal Bureau of Investigation to the platform.

During 2023, Tether will see its share of the global stablecoin supply. Growing from 50% to 71%According to The Block data.

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