The United Nations Office on Drugs and Crime (UNODC) has raised concerns over the rise of illegal crypto mining as a key element of transnational organized crime. A new report indicates that criminal groups, particularly from East and Southeast Asia, are using illicit crypto mining to generate and launder significant profits from illegal activities. The report highlights how these syndicates are exploiting regions with lax oversight, employing methods such as electricity theft to operate off-grid and produce untraceable digital assets. The platform Huione Guarantee has emerged as a key player in this underground economy, facilitating around $24 billion in crypto flows since 2021. The UN indicates that the financial losses due to cyber fraud in East and Southeast Asia could total between $18 billion and $37 billion, mostly connected to organized crime using crypto laundering tools. The report also calls for expanded international cooperation and regulatory measures to combat this burgeoning threat.

Source 🔗