Get the latest tech news

Tether: UN issues warning over crypto token

The UN has warned that Tether is one of the payment methods increasingly favoured by money launderers, in a report

The UN’s Office for Drugs and Crime has detailed how criminals are duping victims with romance scams, leading to ‘pig butchering’ – a term used to describe how people are misled and enticed under false pretenses with the promise of lucrative returns before the funds are taken away reports The Financial Times. UN spokesman Jeremy Douglas stated, “Organised crime has effectively created a parallel banking system using new technologies, and the proliferation of loosely or entirely unregulated online casinos together with crypto has supercharged the region’s criminal ecosystem.” This was backed by Erin West, a California-based criminal prosecutor and cybercrime expert who stated, “Tether is the mechanism of choice, it’s fast and transactions cannot be retracted.

Get the Android app