UN Reports Tether as a Top choice in Money Laundering and Scams
UN report reveals Tether USDT's role in money laundering and scams, especially in Southeast Asia.
The United Nations has reported that the Tether USDT stablecoin is often used for money laundering and scams in Southeast Asia. According to the UN, illegal online gambling sites are the main way this happens, especially with Tether.
The report also said that Tether is used in hidden frauds, including romantic scams called pig butchering. Tether has previously helped the U.S. Department of Justice by freezing $225 million in USDT connected to a human trafficking group in Southeast Asia that was involved in this scam.
Law enforcement has broken up several groups that were moving illegal Tether funds. For example, in Singapore last August, an operation led to the end of one network and recovered about $735 million in cash and cryptocurrency.
Tether has not yet commented on the UN's report.
