- Illegal cryptocurrency mining linked to global crime network, laundering billions.
- UN report highlights organized crime expanding operations.
- Significant security threat identified in global financial ecosystem.
BlockBeats News reported on April 21st that a United Nations Office on Drugs and Crime (UNODC) report highlights transnational crime groups, primarily from East and Southeast Asia, using illegal cryptocurrency mining to launder billions globally.
The UNODC report suggests these networks, leveraging unregulated areas and technology, pose a substantial global financial threat. Their diverse operations now include unlicensed exchanges, stablecoins, and digital ecosystems.
Crime Networks Launder Billions With Illegal Crypto Mining
The UNODC report identifies organized crime networks using illegal cryptocurrency mining to launder billions through unstable regions like Zambia and Nigeria. Named platforms including Huione Guarantee (Haowang) integrate tools for money laundering and hash power.
Financial repercussions include vast sums reportedly funneled through networks, changing the scope of law enforcement’s ability to fight such crime. The surge in industrial-scale fraud reflects growing sophistication and adaptation to the legal landscape.
“Transnational organized crime has become a significant security threat in the Pacific, raising serious concerns for the region and its people.” – Baron Waqa, Secretary-General, Pacific Islands Forum Secretariat
Cryptocurrencies Exploited: Global Financial Threats and Policy Needs
Did you know? Organized crime networks utilizing cryptocurrency for laundering have vastly expanded their global operations since 2021, with hubs like Huione facilitating over $240 billion in illicit flows.
According to CoinMarketCap, Bitcoin (BTC) is priced at $87,399.32, with a market cap of $1.74 trillion, dominating 63.51% of the market. Trading volume reached $40.98 billion, a 198.73% rise. Over 90 days, Bitcoin fell 18.04%, last updated April 21, 2025.
The Coincu research team indicates that financial technologies, particularly stablecoins, are increasingly leveraged for laundering, urging a collective regulatory response. Historical analyses emphasize the need for enhanced legal frameworks to counteract these expanding criminal economies.
Source: https://coincu.com/333535-crypto-laundering-unodc-report/