Source: Cointelegraph Original: "{title}"
According to the latest report from the United Nations Office on Drugs and Crime (UNODC), organized crime groups in Southeast Asia are expanding their operations by utilizing cryptocurrencies and issuing their own tokens, exchanges, and blockchain networks, thereby laundering billions of dollars.
The report points out that criminal groups are no longer just using existing crypto infrastructure but are actively building customized financial ecosystems to evade regulation.
One example mentioned in the report is the Chinese ecosystem and market platform "Huiwang Guarantee" (now renamed "Haowang"). Over the past four years, this platform has processed more than $24 billion in fraud-related cryptocurrency transactions.
Headquartered in Phnom Penh, Cambodia, the platform has grown to have over 970,000 users and thousands of interconnected suppliers.
The report states: "Worryingly, Huiwang has recently launched a series of its own cryptocurrency-related products, including a cryptocurrency exchange and trading applications, online gambling platforms, blockchain networks, and dollar-backed stablecoins designed to evade government control."
UNODC warns that scam centers in Myanmar, Cambodia, and Laos have industrialized cybercrime, combining blockchain, artificial intelligence (AI), and stablecoins to drive their operations.
According to the report, these centers operate complex fraud schemes, including phishing, investment scams, and "pig butchering," generating billions of dollars in illegal revenue each year.
As reported by Cointelegraph Magazine, the region has gathered some of the largest "pig butchering" crime groups.
In the past year, multiple raids have led to the arrest of hundreds of individuals, including citizens from China, the Philippines, Indonesia, Malaysia, Thailand, and Vietnam found in suspected cyber fraud operations.
In October 2024, Hong Kong police raided a scam center, arresting 27 individuals accused of using AI face-swapping technology to carry out cryptocurrency romance investment scams, with losses exceeding $46 million.
Similarly, in December 2024, Nigeria's anti-corruption agency conducted a raid in a building in the country's largest city, arresting 792 individuals, claiming the location was a hub for a large-scale cryptocurrency romance scam operation.
The UN report emphasizes that criminal groups are issuing their own stablecoins and creating private exchanges to bypass global financial regulations. This allows criminals to seamlessly transfer funds across borders without relying on mainstream platforms subject to anti-money laundering regulations.
Huiwang Guarantee has launched a series of crypto-related products, including a cryptocurrency exchange, a blockchain network (Xone Chain), and an online gambling platform. The group also announced the launch of the Huiwang Visa card in February 2025.
While Southeast Asia remains a hotspot, UNODC notes that these cryptocurrency-driven criminal activities are expanding into Africa, South America, and the Pacific region.
The report states: "The growing global influence of Asia's money laundering and underground banking networks cannot be ignored," urging governments to close loopholes.
Related: The Gibraltar court has terminated a two-month freeze on 542 million PLAY tokens due to legal disputes.
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