Asian Cybercrime Network Floats New Crypto Infrastructure: UN

A new United Nations report reveals that cybercrime syndicates across Southeast Asia are expanding rapidly. Reports indicate they use digital assets and custom blockchain tools for large-scale fraud operations. Criminal Networks Shift to Stablecoins and Blockchain According to the UN report , Southeast Asia has become a major centre for global cyber fraud, with Stablecoins playing a leading role. The report revealed that the cyber fraud industry is growing faster than other types of transnational crime because it can be easily scaled and reach millions of victims online. It is worth noting that despite authorities’ crackdowns, syndicates are finding new ways to operate. According to the update, many criminals have moved from physical scam centres to online platforms. They use satellite internet services like Starlink to avoid local restrictions. The report notes that criminal groups now run online gambling sites, unlicensed payment processors, encrypted messaging platforms, and even create their blockchain networks and stablecoins to move money out of reach of government controls. Huione Guarantee at the Centre of Growing Scams A significant focus of the report is Huione Guarantee, a platform tied to Cambodia and other countries. As reported, the rogue entity is now under the new name Haowang. It has become a central hub for illegal online activities. According to the update, since 2021, Huione has processed tens of billions of dollars in cryptocurrency transactions. The platform offers services such as a trading app, a gambling site, a blockchain network, and even a stablecoin backed by the U.S. dollar. The UN states that Huione vendors have received at least $24 billion in crypto inflows over four years. In related news, the North Korean hacking group Lazarus uses new tactics to scam people. A report from Silent Push shows that its subgroup, Contagious Interview, has created fake crypto consulting firms in the U.S. to spread malware by posing as recruiters. Cybercrime Gangs Expand Operations Globally It is essential to add that the United Nations report shows that the problem has moved beyond Southeast Asia. Cybercrime gangs now work with networks in South America, Eastern Europe, and Africa. In the United States alone, crypto scams led to over $5.6 billion in losses in 2023, raising new concerns about the growing reach of these organised fraud operations. Bybit Exchange was the latest target of a significant scam group. February 2025 turned chaotic for the company, which suffered losses of $1.53 billion due to hacks . Investigations by the FBI and blockchain analysts have linked the attack to North Korea’s Lazarus Group. The post Asian Cybercrime Network Floats New Crypto Infrastructure: UN appeared first on TheCoinrise.com .

Source: The Coin Rise