UN: Telegram is a Haven for Money Laundering Using Cryptocurrency
2024-10-08
Bittime - United Nations (UN) revealed that Telegram has become a haven for criminal networks in Southeast Asia.
Telegram can facilitate illegal activities such as money laundering using cryptocurrency, trading in hacked data, as well as providing tools for cybercrime. Read this article to find out more!
Telegram's End-to-End Encryption System
According to the UN, Telegram, which is equipped with an end-to-end encryption system, has enabled criminals to communicate without fear of being tracked by authorities.
This system protects the privacy of conversations, thereby providing space for criminal networks to move more freely in carrying out their operations.
The benefits of this system are felt on a large scale, especially by criminal networks in Southeast Asia. The UN reports that criminal syndicates in the region, including China, profit between $27.4 billion and $36.5 billion annually.
Most of the profits from these illegal activities come from money laundering carried out through cryptocurrencies and illegal banking platforms.
Read Also: Telegram CEO Arrested, Telegram Confirms It Complies with European Union Law!
Money Laundering Using Cryptocurrency on Telegram
One of the important findings of this report is how Telegram is used for money laundering using cryptocurrency. Unlicensed crypto exchanges often promote money laundering services through these applications.
One of the advertisements was even discovered by the UN claim, "We move $3 million in stolen money from abroad every day.” This statement shows the scale of criminal activity using Telegram as a means of communication.
Through Telegram, criminals can easily circulate stolen money, often in the form of USDT. In recent years, USDT has become the main choice for criminal networks, especially in Asia.
This year alone, around $35.4 million was recorded as being stolen from fraud victims and converted into USDT.
Buying and Selling Personal Data on Telegram
Not only money laundering, the UN also revealed that Telegram was used by criminal networks to trade personal data which was hacked.
Starting from credit card details to passwords, all this information is freely sold on Telegram.
Even worse, at least there are 10 deepfake software providers who were found to be marketing their services to criminals via Telegram.
The sale of malware, tools used to steal funds online, is also rampant on Telegram.
Telegram Changes After Pavel Durov's Arrest
After Pavel Durov's arrest, Telegram began taking several steps to improve its image.
One of them is feature removal People Nearby Which it has previously been misused by some criminal groups to track and access other people's personal information.
In addition, Telegram also removed references in the FAQ section regarding the protection provided for private chats.
These steps were taken to reduce the risk of misuse of Telegram by criminal networks, although many still doubt the effectiveness of the changes in tackling the criminal problem.
Read Also: Pavel Durov Promises to Increase Monitoring of Criminal Activities on Telegram
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