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Sujit Kumar
Jan 15, 2024
by Sujit Kumar

UN Report Exposes Tether’s Role in Southeast Asia’s Crypto Crime Surge

tether role in crypto crime
A recent United Nations report has shed light on Tether's significant involvement in the rise of crypto-related crimes in Southeast Asia. Despite facing regulatory scrutiny, Tether's market cap approaches $100 billion, maintaining a dominant 73% market share. The stablecoin's quick and irreversible transaction capability has made it a preferred tool for money launderers, particularly in "pig butchering" scams where victims are tricked into transferring large sums.

The UN report highlights Tether's intricate role in facilitating high-speed laundering operations, notably in illegal online gambling platforms. Tether's market dominance remains unchallenged, surpassing competitors like Circle’s USDC stablecoin. Despite regulatory challenges and a $41 million fine in 2021 for misleading statements, Tether has collaborated with US authorities to address illicit use, resulting in an increase in blacklisted Tether wallets.

This revelation underscores the urgent need for robust regulatory frameworks and international cooperation to counter the cryptocurrency-related challenges. Tether's dual nature, serving as both a cornerstone in the crypto market and a tool for criminal activities, emphasizes the complex dynamics of the crypto landscape.

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tether role in crypto crime
UN Report Exposes Tether’s Role in Southeast Asia’s Crypto Crime Surge
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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