Telegram a haven for crypto launderers and fraudsters, reports UN

Telegram has recently been accused of providing a safe haven for crypto launderers and fraudsters, according to a report by the United Nations (UN). Criminal networks in Southeast Asia, including Chinese syndicates, have allegedly been using the encrypted messaging app to launder stolen funds through cryptocurrencies, trade hacked data, and acquire tools for fraudulent activities. The UN estimates that these criminal enterprises make annual profits of between $27.4 billion and $36.5 billion. Additionally, unlicensed crypto exchanges have reportedly been advertising money laundering services on Telegram, claiming to move millions of USDT stolen from overseas on a daily basis. The app is also being utilized by criminals to trade stolen information, purchase malware, and even access deepfake software. The UN has previously labeled tether (USDT) as the preferred stablecoin for criminal networks in Asia. Telegram’s founder, Pavel Durov, was arrested in August and charged with enabling drug trafficking, child exploitation, and illegal transactions through the platform. In response, Durov has implemented several changes, including removing certain features and clarifying the level of privacy in private chats.