Telegram as a Hub for Crypto Fraud and Laundering, UN Reports
Criminal networks in Southeast Asia are increasingly using Telegram to trade hacked data and launder money through unregulated crypto telegram groups exchanges, according to a United Nations (UN) report.
According to the UN report, Southeast Asian criminal organizations increase their reliance on the Telegram as a platform for illicit services, such as trading hacked data and money laundering via unauthorized cryptocurrency platforms, such as Telegram crypto.
The scene of crypto on Telegram has become a growing concern, with some crypto calls Telegram groups coordinating illegal activities.
UN Office for Drugs and Crime (UNODC) said that the syndicates exploit loose content moderation on Telegram and its end-to-end encrypted messaging capabilities to conduct large-scale illicit activities. The findings underline the increasing problem of cybercrimes and money laundering with the help of the application.
It has been used to share stolen credit card information, passwords, and even tools like malware that could be used to steal cash. These activities are often facilitated by crypto groups on Telegram, where users exchange information and tips on how to bypass security measures.
The report further states that unlicensed cryptocurrency exchanges, including Telegram crypto wallet services, have also been used on the app to enable these criminal networks to move money undetected. These are reportedly rife throughout Southeast Asia, where some Chinese organized crime syndicates are running multimillion-dollar fraud operations.
Telegram crypto fraud has also been highlighted in specific cases, with Southeast Asia becoming a hotbed for criminal activities, raking in an approximate $27.4 billion to $36.5 billion annually. The UN cited a specific case wherein one group purportedly advertised on Telegram that it could launder $3 millions of any kind of stolen cryptocurrency, even Tether, daily.
The police in Vietnam reportedly busted a cryptocurrency scam operating in Laos’ Golden Triangle Special Economic Zone. Its gang members had allegedly swindled more than 17.6 billion VND from many people by promising them romantic affairs and fake investments on “Biconomynft.”
In August, Telegram CEO, Durov was arrested in Paris and charged with the alleged use of the platform for facilitating criminal acts that included illegal content.
Crypto Telegram Groups Under Observation
Encrypted messaging apps, like Telegram, strike a balance between the privacy of law-abiding citizens and shielding criminal intentions, allowing illicit activities, such as Telegram crypto fraud to flourish.
After his detention, Durov announced a series of updates related to moderation policies, including the future sharing of IP addresses and phone numbers of rule violators upon receipt of valid legal requests. But with that, a whole other question of criminal misuse versus respect for the privacy of users is raised. This situation of the crypto telegram groups reflects the ongoing delicate balancing between innovation and the accompanying challenges in these digital times.
Inside Telecom provides you with an extensive list of content covering all aspects of the Tech industry. Keep an eye on our Cryptocurrency section to stay informed and updated with our daily articles.