• Tether is increasingly favored by money launderers, according to the United Nations.
• Tether’s appeal to criminals lies in its speedy and irreversible transactions. 
• The lack of cryptocurrency regulations is identified as a key factor driving criminals towards Tether.

Stablecoin Tether (USDT) is increasingly becoming the payment method of choice for money launderers, according to a report by the United Nations Office on Drugs and Crime.

The report reveals that Tether has emerged as a leading choice among fraudsters and money launderers operating in Southeast Asia. With a market capitalization exceeding $94 billion, Tether is described as a central player in the growing landscape of scams.

The UN report sheds light on a prevalent tactic used by scammers who establish fake romantic connections online to gain victims’ trust, subsequently convincing them to transfer substantial sums using Tether.

The report notes, “Law enforcement and financial intelligence authorities have reported the rapidly growing use of sophisticated, high-speed money laundering . . . teams specializing in underground tether.”

Tether’s appeal to money launderers and crimin…

The post Tether (USDT) Emerges as Go-to Currency for Scammers, UN Warns of Growing Threat appeared first on Coin Edition.

• Tether is increasingly favored by money launderers, according to the United Nations.
• Tether’s appeal to criminals lies in its speedy and irreversible transactions. 
• The lack of cryptocurrency regulations is identified as a key factor driving criminals towards Tether.

Stablecoin Tether (USDT) is increasingly becoming the payment method of choice for money launderers, according to a report by the United Nations Office on Drugs and Crime.

The report reveals that Tether has emerged as a leading choice among fraudsters and money launderers operating in Southeast Asia. With a market capitalization exceeding $94 billion, Tether is described as a central player in the growing landscape of scams.

The UN report sheds light on a prevalent tactic used by scammers who establish fake romantic connections online to gain victims’ trust, subsequently convincing them to transfer substantial sums using Tether.

The report notes, “Law enforcement and financial intelligence authorities have reported the rapidly growing use of sophisticated, high-speed money laundering . . . teams specializing in underground tether.”

Tether’s appeal to money launderers and crimin…

The post Tether (USDT) Emerges as Go-to Currency for Scammers, UN Warns of Growing Threat appeared first on Coin Edition.