Illegal Crypto Mining ‘Powerful Tool’ for Cybercrime Syndicates: UN Report
The United Nations Office on Drugs and Crime (UNODC) reports a significant rise in global organized crime, particularly involving East and Southeast Asian groups utilizing illegal crypto mining for money laundering. These syndicates operate in regions with weak oversight, creating online ecosystems that include unlicensed crypto exchanges and encrypted messaging platforms. The report highlights Huione Guarantee, a Cambodia-based platform with over 970,000 users and $24 billion in crypto flows since 2021, as a key player in this underground economy. The platform offers tools for laundering, fake identities, and scam services, expanding its reach to jurisdictions like Nigeria and Angola. Crypto mining is favored by these groups due to its minimal oversight and potential for generating clean digital assets. In 2023, Americans lost $5.6 billion to crypto scams, with $4.4 billion linked to schemes from Southeast Asia. The UN calls for urgent multilateral action to combat these threats and enhance legal frameworks for asset recovery and investigation.
