The post Crypto crime goes industrial as gangs launch coins, launder billions — UN appeared on BitcoinEthereumNews.com.

Organized crime groups across Southeast Asia have scaled their operations by exploiting cryptocurrency and launching their own coins, exchanges and blockchain networks to launder billions of dollars, according to a new report from the United Nations Office on Drugs and Crime (UNODC). The report said criminal syndicates are no longer just using existing crypto infrastructure. Instead, they are actively building tailored financial ecosystems to evade detection. One example cited in the report is the Chinese-language ecosystem and marketplace known as Huione Guarantee, now rebranded as Haowang, which has processed more than $24 billion in crypto linked to fraud over the past four years. Value of crypto funds received by Huione Guarantee continues to rise. Source: UNODC Headquartered in Phnom Penh, Cambodia, the platform has grown to more than 970,000 users and thousands of interconnected vendors. “Concerningly, Huione has recently launched a range of its own cryptocurrency-related products, including a cryptocurrency exchange and trading application, online gambling platform, blockchain network, and US dollar-backed stablecoin designed to circumvent government controls,” the report stated. Related: CFTC partners up to warn on crypto pig butchering scams Southeast Asia emerges as crypto crime hub The UNODC warned that scam centers in Myanmar, Cambodia and Laos have industrialized cybercrime, combining blockchain, artificial intelligence and stablecoins to fuel operations. These centers run complex fraud schemes, including phishing, investment scams and “pig butchering,” generating billions annually, per the report.  Some of the largest pig butchering syndicates are reportedly clustered around the region, according to Cointelegraph Magazine. Over the past year, several raids have led to the arrests of hundreds of people, including Chinese, Filipino, Indonesian, Malaysian, Thai and Vietnamese nationals found at suspected cyber-enabled fraud operations. In October 2024, Hong Kong police busted a scam center and arrested 27 people they accused of using AI deepfakes to carry…

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Filed under: News - @ April 22, 2025 10:25 pm