Organized crime groups in Southeast Asia are leveraging cryptocurrency to scale their operations and launder billions of dollars, as per a recent report by the United Nations Office on Drugs and Crime (UNODC). The report reveals that these syndicates are not only using existing crypto infrastructure but are also developing tailored financial ecosystems to avoid detection. One such example is Huione Guarantee, now rebranded as Haowang, a Chinese-language marketplace that has facilitated over $24 billion in fraudulent crypto transactions in the past four years. The platform, based in Phnom Penh, Cambodia, boasts more than 970,000 users and numerous interconnected vendors. Huione has expanded its offerings to include a cryptocurrency exchange, trading application, online gambling platform, blockchain network, and a US dollar-backed stablecoin to circumvent government regulations, the report states. The UNODC warns that scam centers in Myanmar, Cambodia, and Laos are industrializing cybercrime by incorporating blockchain, artificial intelligence, and stablecoins into their operations. These centers engage in various fraud schemes, generating billions annually. Raids over the past year have led to the arrest of hundreds of individuals involved in cyber-enabled fraud operations across Southeast Asia. The report also highlights the emergence of custom stablecoins and private exchanges used by criminal syndicates to evade global financial regulations and move funds across borders seamlessly. While Southeast Asia remains a focal point, the UNODC notes that these illicit activities are spreading to other regions like Africa, South America, and the Pacific, emphasizing the need for governments to close existing loopholes to combat this growing threat.