According to a report by the United Nations, cryptocurrencies are closely linked to global organized crime. Illegal mining and stablecoins are used to launder billions of dollars, with the Telegram platform identified as a hub of the underground digital economy.
This is reported by Finway
The report from the UN Office on Drugs and Crime notes that transnational criminal organizations actively use crypto assets to carry out financial fraud and create a shadow economy. In particular, illegal mining is seen as a key tool in this activity.
Geographical Expansion of Criminal Organizations
According to the document, criminal syndicates from East and Southeast Asia are actively expanding their presence in vulnerable regions such as Africa and the Pacific. They are forming complex digital ecosystems that include illegal exchanges, encrypted messengers, and proprietary stablecoins.
Specifically, the platform Huione Guarantee, renamed Haowang, has processed over $24 billion in cryptocurrencies since 2021. This platform has become a center for counterfeit documents, money laundering tools, and fraudulent services that are increasingly utilized through Telegram.
The Need for International Response
The UN Office emphasizes that illegal mining allows criminals to create “clean” digital assets, concealing their sources of income. In several countries, such as Libya, these farms are causing widespread power outages.
“The convergence between the acceleration and professionalization of these operations, on one hand, and their geographical expansion into new parts of the region and beyond, on the other, is leading to a new intensity in the field — which governments must be prepared to respond to,” the report states.
Experts warn that the technological and geographical expansion of the underground crypto economy requires an urgent international response. As noted by a UN representative, “this system is spreading like a cancerous tumor.” The report continues the findings of last year’s study, which also indicated a growing connection between cryptocurrencies, cybercrime, and artificial intelligence. The UN calls for enhanced global oversight and coordinated action.
It is worth noting that recent reports have indicated losses from hacking attacks in the Web3 sector reached $2 billion in the first quarter of 2025.