TETHER STABLECOIN IS THE MOB'S FAVORITE AND HAS BLOOD ON ITS HANDS

TETHER SHOWS WHY STABLECOINS NEED STRONG REGULATIONS

Jan 24, 2024

The daily drone of how crypto will save the world doesn’t match the reality of this UN report that shows how Tether stablecoin on the Tron network is at the center of criminal activity in Southeast Asia.

Human trafficking, drugs, and money laundering are the bloody reality and the other side of crypto that no one but the UN will even bother to report on.

👉TAKEAWAYS

🔹Online gambling platforms, and especially those that are operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, particularly for those using Tether or USDT on the TRON blockchain, while also fueling the intensification of Southeast Asia’s rapidly growing illicit digital economy, and particularly the regional cyberfraud industry.

🔹According to latest available projections, the formal online gambling market is projected to grow to more than US $205 billion by 2030,5 with the Asia Pacific region representing the largest share of market growth between 2022 to 2026 at a projected 37 percent. (See chart below)

🔹Southeast Asia’s booming casino industry, followed by connected junkets, then online casinos, e-junkets, and increasingly illegal and underregulated cryptocurrency exchanges have become foundational pieces of the banking architecture used by organized crime.

🔹The development of scalable and digitized solutions has supercharged the criminal business environment across Southeast Asia, particularly in the Mekong,

🔹As of 2020, the Government of China estimated at least 5 million participants in this underground industry, totaling an estimated US $157 billion in capital outflows from China, and have attributed it to the rise in illegal online gambling and telecommunications fraud.

🔹And just to make it interesting China’s recent conviction of a criminal gang trying to use digital yuan for money laundering (world’s stupidest criminals) used Tether to pass around the profits!

👊STRAIGHT TALK👊

Tether has blood on its hands and doesn’t have the courage to admit it:

“The UN's assessment singles out USDT highlighting its involvement in illicit activity while ignoring its role in helping developing economies in emerging markets, completely neglected by the global financial world simply because servicing such communities would be unprofitable for them.”

Statement from Tether.

Tether is trying to absolve itself of its sins by claiming that the good it does counterbalances the evil. Don’t believe it.

The hard truth is that most of SE Asia doesn’t use Tether for inclusion purposes. Tether’s management should follow the steps of SBF (FTX) and Chanping Zhao (Binance) with lengthy jail time.

This is why the US and others are proposing strict regulations to ensure that stablecoins are only used with proper KYC and through legitimate exchanges.

Thoughts?