The Coin Rise 2025-04-21 21:44:20

UN Reports Increasing Global Organized Crypto Mining Crime

A recent report from the United Nations Office on Drugs and Crime (UNODC) highlighted a new phase of global organized crypto mining crime. The report was titled “Inflection Point: Global Implications of Scam Centres, Underground Banking and Illicit Online Marketplaces in Southeast Asia.” Criminals, including terrorists, are leveraging cryptocurrencies to perpetrate their bad acts. Asia Becomes Notorious For Criminal Crypto Activities According to the report, most transnational criminal groups are from East and Southeast Asia. However, they target nations with weak regulatory oversight, such as Nigeria, Zambia, Tonga, and even the Middle East. After committing their criminal operations, they use illegal crypto mining as a “powerful tool” to launder the billions siphoned. As some sources put it, “crypto mines hum in militia-run factories, stablecoins help wash billions, and Telegram hosts black markets.” Haowang, formerly Huione Guarantee, was highlighted as one of the central hubs in this underground economy. The Cambodia-based platform boasts of more than 970,000 users and $24 billion in crypto flows since 2021. However, bad actors have been stopping by this platform as their one-stop shop for laundering tools, fake identities, and scam services. From Crypto Scams to Sophisticated Illegal Crypto Mining The authors of the UNODC report noted that the scammers have expanded their operations beyond regular hacks and trafficking . In recent times, their strategies include the use of full-fledged online ecosystems that incorporate unlicensed crypto exchanges and encrypted messaging tools. They also leverage on stablecoins to carry massive fraudulent activities. In an accompanying statement, Benedikt Hofmann, UNODC’s Acting Regional Representative, acknowledged the global expansion of East and Southeast Asian organized crime groups. “It spreads like a cancer,” he added. “Authorities treat it in one area, but the roots never disappear—they simply migrate.” Authorities Clamp Down Illegal Crypto Mining Meanwhile, authorities have become more aware and interested in clamping down on illegal crypto mining globally. In February, Russia’s main power grid company, Rosseti Group, reported major financial losses from illegal crypto mining in 2024. The report claimed that the company lost $14.2 million, equivalent to around 1.3 billion Russian rubles, to unauthorized electricity use across its network. These illegal mining operations put great pressure on the country’s power system and raised energy use and safety worries. Before Russia announced its losses, Malaysia had started putting effort into combating the risks of unregulated mining activities. The post UN Reports Increasing Global Organized Crypto Mining Crime appeared first on TheCoinrise.com .

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