UN report: Illegal cryptocurrency projects become tools for cybercriminal groups

Planet News: A new report from the United Nations Office on Drugs and Crime (UNODC) reveals that transnational criminal groups from East and Southeast Asia are rapidly expanding their operations globally, using illegal cryptocurrency mining as a tool to launder billions of dollars in illicit proceeds. The report's authors state that these criminal groups are no longer limited to fraud and trafficking; they have established sophisticated online ecosystems, including unauthorized cryptocurrency trading platforms, crypto messaging tools, and stablecoins. The report points out that Huione Guarantee (recently renamed Haowang) is one of the central hubs of this underground economy. Located in Cambodia, this platform has over 970,000 users and $24 billion in cryptocurrency flow, becoming a one-stop shop for money laundering tools, false identities, and fraud services. (Decrypt)