Telegram is home to criminal networks in Southeast Asia, using cryptocurrencies to launder stolen money, trade hacked data and obtain fraudulent tools, according to a United Nations (UN) report. That’s what it means.
As reported by Reuters, the United Nations says end-to-end encryption apps have fundamentally changed the way organized crime operates. It found that criminal enterprises in Southeast Asia, including Chinese syndicates, reportedly earn between $27.4 billion and $36.5 billion in annual profits.
Unlicensed cryptocurrency exchanges are also reportedly advertising money laundering services on their apps. One of the ads identified by the United Nations claimed to “move 3 million USDT stolen from abroad per day.”
Criminal networks use Telegram to trade stolen sensitive information, from credit details to passwords, and purchase malware designed to steal funds. At least 10 deepfake software providers were also found to be promoting their services to criminals.
Read more: Are Telegram chats actually encrypted?
The United Nations previously described Tether (USDT) as the stablecoin of choice for Asian criminal networks. In fact, an indictment filed earlier this year details that the equivalent of $35.4 million was stolen from victims of a hog butchering scam and converted into USDT.
Chinese authorities also dismantled an underground banking group accused of using USDT to facilitate approximately $2 billion worth of illegal transactions.
Telegram founder Pavel Durov was arrested in August and accused of facilitating drug trafficking, sexual images of children, and criminal transactions.
Since then, Durov has introduced various changes to the platform, removing the “People Nearby” feature and removing references to protected private chats from the FAQ.
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