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    Home » Crypto syndicates launder billions
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    Crypto syndicates launder billions

    By Rita HuApril 23, 2025No Comments2 Mins Read
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    • UNODC reports criminal groups minting stablecoins
    • Southeast Asia identified as a crypto crime hub

    What happened: Organised crime exploits cryptocurrency

    Organised crime syndicates in Southeast Asia are increasingly exploiting cryptocurrency technologies to launder billions of dollars, according to a recent report by the United Nations Office on Drugs and Crime (UNODC). These groups have progressed beyond utilising existing crypto infrastructure, now developing their own stablecoins, exchanges, and blockchain networks to facilitate illicit financial activities.

    The report highlights the case of Huione Guarantee, a platform based in Phnom Penh, Cambodia, which has processed over $24 billion in crypto transactions linked to fraud over the past four years. Huione has expanded its operations to include a cryptocurrency exchange, trading application, online gambling platform, blockchain network, and a US dollar-backed stablecoin.

    These developments enable criminal organisations to move funds across borders with minimal detection, circumventing traditional financial regulations. The UNODC warns that such activities are not confined to Southeast Asia but are spreading to regions including Africa, South America, and the Pacific.

    Also read: CryptoPunk NFT sold at $9.7M loss
    Also read: Crypto criminal Virgil Griffith leaves prison, seeks pardon

    Why it’s important

    The UNODC’s findings underscore the escalating challenge of cryptocurrency-facilitated money laundering on a global scale. The ability of criminal groups to create bespoke financial ecosystems allows them to operate with increased anonymity and efficiency, posing significant challenges to international law enforcement and regulatory bodies.

    The report calls for enhanced global cooperation to address these threats, emphasising the need for comprehensive regulatory frameworks and increased monitoring of cryptocurrency activities. Without coordinated efforts, the proliferation of such illicit financial networks could undermine the integrity of global financial systems and facilitate a range of transnational crimes.

    cryptocurrency money laundering Organised Crime stablecoins UNODC
    Rita Hu

    Rita is an community engagement specialist at BTW Media, having studied Global Fashion Management at University of Leeds. Contact her at r.hu@btw.media.

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