Organized crime groups in Southeast Asia are exploiting cryptocurrency to scale operations, launching their own coins, exchanges, and blockchain networks to launder billions, as reported by the UNODC. Criminal syndicates are not just using existing infrastructure but actively creating tailored ecosystems for financial transactions to evade authorities. A notable example is Huione Guarantee, rebranded as Haowang, which has processed over $24 billion in fraud-related crypto transactions. The platform, headquartered in Cambodia, has over 970,000 users and has launched several crypto products aimed at circumventing regulations. Scammers in Myanmar, Cambodia, and Laos have turned to sophisticated cybercrime tactics, including phishing and investment scams, generating tens of billions annually. Recent law enforcement actions have led to numerous arrests in these regions. The UNODC warns that the reach of these operations is extending globally, emphasizing the urgent need for governments to address regulatory gaps impacting financial oversight.

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