United Nations Report: Telegram is a Haven for Cryptocurrency Money Launderers and Fraudsters

ChainCatcher news, a report from the United Nations shows that Telegram has become a haven for criminal networks in Southeast Asia, helping them to launder money using cryptocurrency, trade hacked data, and acquire fraud tools.

The United Nations states that end-to-end encrypted applications have fundamentally changed the way organized crime operates. Criminal enterprises in Southeast Asia generate annual revenues between $27.4 billion and $36.5 billion.

It has been reported that unlicensed cryptocurrency exchanges are also advertising money laundering services on the app. An advertisement identified by the United Nations claims, "We transfer 3 million USDT stolen from overseas every day."

Criminal networks use Telegram to trade stolen sensitive information, from credit details to passwords, and purchase malware designed to steal funds. At least 10 deepfake software providers have also been found promoting their services to criminals.