Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13284
Markets: 100679
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
America's Social Casino

Moralis Money
Market Cap
24h Vol
13284
Cryptocurrencies
62.39%
Bitcoin Share
The Coin Rise 2025-04-21 21:44:20

UN Reports Increasing Global Organized Crypto Mining Crime

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 .

Most Read News

https://www.digistore24.com/redir/325658/ceobig/
Market Cap
24h Vol
62.39%
Bitcoin Share
18
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.