Telegram: The New Paradise For Crypto Fraudsters According To The UN!

According to a recent report from the United Nations Office on Drugs and Crime (UNODC), the messaging app Telegram has become a favored tool for illicit cryptocurrency activities. This report highlights how powerful criminal syndicates in Southeast Asia use Telegram to conduct large-scale operations, including money laundering and crypto fraud.

Telegram: a fertile ground for crypto fraud according to the UN

Telegram, with its end-to-end encrypted messaging features and lax moderation, provides a conducive environment for illegal crypto transactions. Criminal networks exploit this platform to exchange stolen data, such as credit card information, passwords, and browsing histories. Additionally, sophisticated criminal tools, including deepfake software and malware, are widely sold on Telegram.

The UNODC report also highlights the use of Telegram by unregulated crypto exchanges, which offer money laundering services to these criminal networks. A striking example mentioned in the report is a Chinese ad boasting the transfer of 3 million dollars in Tether (USDT) stolen per day, illustrating the scale and sophistication of these operations.

Southeast Asia has become a nerve center for these criminal activities, largely due to Chinese syndicates operating from heavily secured complexes and employing trafficked workers. These networks, responsible for numerous crypto scams, affect victims worldwide and generate estimated revenues between 27.4 billion and 36.5 billion dollars annually.

The responsibility of technology platforms

The arrest of Telegram’s founder, Pavel Durov, in Paris last August intensified the debate on the responsibility of technology platforms in combating illegal activities. Durov faces charges related to facilitating criminal crypto transactions on the platform, including the distribution of illicit content.

This UNODC report highlights the urgent need to strengthen the regulation and oversight of encrypted messaging platforms to combat crypto fraud and other criminal activities. The international community must collaborate to develop effective strategies to counter these growing threats and protect innocent users.