Crypto crime goes industrial as gangs launch coins, launder billions — UN

Organized crime groups across Southeast Asia have scaled their operations by exploiting cryptocurrency — launching their own coins, exchanges and blockchain networks to launder billions of dollars, according to a new report from the United Nations Office on Drugs and Crime (UNODC). The report states that criminal syndicates are no longer just using existing crypto infrastructure. Instead, they are actively building tailored financial ecosystems to evade detection. One example cited in the report is the Chinese-language ecosystem and marketplace known as Huione Guarantee, now rebranded as Haowang, which processed more than $24 billion in crypto linked to fraud over the past four years source: https://cointelegraph.com/news/crypto-syndicates-launch-coins-launder-billions-un-warning?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound