Gray Frame Corner

Tether Cryptocurrency scam: UN Raises Alarm on USDT

Jan 16, 2024

By: Nisha Kumari

Image credit: Coinpaprika

As per UNs Office on Drugs and Crime, illegal gambling sites are now a preferred avenue for crypto money launderers, especially those using Tether for illicit transactions.

UN’s comment

Image credit: Bitcoin.com News

White Frame Corner
White Frame Corner

What led to the scam?

– Tether's stability – User-friendly nature – Data Anonymity – Low transaction fees

Image credit: The Cryptonomist

Fraud schemes

– Sextortion: Post sexual content about a person. – Pig butchering: a socially engineered romance aiming to build trust before extracting money from targets.

Image credit: News.com.au

Tether’s stand

Tether denies UN accusations, emphasizing USDT's role in fighting financial crimes and promoting blockchain education and collaboration.

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Dune’s report

The report discloses Tether bans 1,260+ addresses tied to illicit activities, totaling over $875 million in banned wallets.

Image credit: Bitcoinnews.com

FT: Gang Advertises USDT

FT report also mentions one money laundering case operating in Myanmar & Cambodia advertising USDT to exchange “black” tokens for cash.

Image credit: News.com.au