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16 Jan 2024

Tether Has Become The Favorite Crypto Token of Money Launderers

The UN reports that Tether, one of the world’s largest stablecoin, [is implicated](https://www.ft.com/content/78c6ea20-5e9d-40ba-867f-1e0431ebb710) in scams like 'pig butchering,' which manipulate victims into transferring funds through engineered romance plots. This method is prevalent among fraudsters and money launderers in southeast Asia. and has become a [$1 billion dollar scam](https://www.reuters.com/investigates/special-report/fintech-crypto-fraud-thailand/). Tether's stablecoin USDT is increasingly being used in sophisticated, high-speed money laundering operations, particularly [through online gambling platforms](https://cryptonews.com/news/tether-is-gaining-popularity-among-money-launderers-un-report.htm).