Jan 16, 2024
By: Nisha Kumari
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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.
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– Tether's stability – User-friendly nature – Data Anonymity – Low transaction fees
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– Sextortion: Post sexual content about a person. – Pig butchering: a socially engineered romance aiming to build trust before extracting money from targets.
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Tether denies UN accusations, emphasizing USDT's role in fighting financial crimes and promoting blockchain education and collaboration.
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The report discloses Tether bans 1,260+ addresses tied to illicit activities, totaling over $875 million in banned wallets.
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FT report also mentions one money laundering case operating in Myanmar & Cambodia advertising USDT to exchange “black” tokens for cash.
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