A new report on cybercrime in Southeast Asia has been released by the United Nations Office on Drugs and Crime (UNODC). This is the agency’s second report on the matter.
Tether’s impact on the Southeast Asian economy was criticized in the UNODC’s first report, which was released in January.
The “convergence of cyber-enabled fraud, underground banking, and transnational organized crime” is still being monitored, according to the latest study. Tether is addressed, but this time Telegram receives far more adverse attention.
The illicit service economy
Cyber-enabled fraud continues to expand in Southeast Asia and produced losses of between $18 billion and $37 billion in 2023, and most of those losses were attributable to organized crime, the report claimed. This enormous scope suggests that activities are becoming more professional.
“Criminals are no longer required to handle their own money laundering, coding malware, or stealing sensitive personal information… Instead, these key components can be purchased from service providers in underground markets and forums, often at very accessible prices.”
Furthermore, “There is strong evidence of underground data markets moving to Telegram,” the report continued. These marketplaces include deep fakes, infostealers, crypto cutters and drainers, and underground cloud of logs services that enable bad actors to obtain sensitive information.
The UNODC did not spare Tether and TRON in the report. It said: “Authorities in East and Southeast Asia […] continue to report that stablecoins, and particularly Tether (USDT) on the TRON (TRX) blockchain, represent the preferred choice for Asian crime syndicates engaged in cyber-enabled fraud and money laundering operations.”
Telegram assailed from all sides
CEO of Telegram Pavel Durov is not happy with the timing of the UNODC study. On August 24, Durov was taken into custody in France on suspicion of involvement in actions on the Telegram messaging app. He is currently free on bail in that country.
Durov is accused in France of money laundering, criminal affiliation, refusing to cooperate with authorities, providing cryptology services without permission, and participating in unlawful actions.
Durov may be sentenced to ten years in prison and a fine of 500,000 euros ($550,000), according to French prosecutors.
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