Tether (USDT) Assists U.S. DOJ in Seizing $5 Million from Fraud Scheme

Tether,
the
largest
company
in
the
digital
asset
industry,
has
taken
a
significant
step
in
its
ongoing
efforts
to
combat
illicit
activities.
According
to

Tether,
the
company
has
assisted
the
U.S.
Department
of
Justice
(DOJ)
in
seizing
nearly
$5
million
in
USDT
stolen
through
a
sophisticated
fraud
scheme.

Pig
Butchering
Scam

The
fraudulent
operation,
referred
to
as
“pig
butchering,”
targeted
victims
through
fake
online
relationships,
eventually
tricking
them
into
investing
in
counterfeit
cryptocurrency
platforms
that
mimicked
legitimate
ones.
The
DOJ’s
recent
press
release
highlighted
the
seizure
as
a
crucial
victory
in
the
fight
against
cyber-enabled
fraud.

Collaboration
with
Law
Enforcement

Tether
played
a
pivotal
role
by
freezing
multiple
wallets
associated
with
the
fraud,
facilitating
the
successful
seizure
and
forfeiture
of
the
stolen
funds.
This
effort
was
part
of
a
broader
collaboration
with
the
Federal
Bureau
of
Investigation
(FBI),
underscoring
Tether’s
proactive
measures
to
combat
nefarious
activities
and
aid
victim
recovery.
The
company
has
also
integrated
the
FBI
and
the
United
States
Service
into
its
platform
to
enhance
investigative
synergies.

Commitment
to
Transparency

Paolo
Ardoino,
CEO
of
Tether,
reaffirmed
the
company’s
dedication
to
working
with
law
enforcement
agencies,
stating,
“Tether
remains
resolute
in
its
mission
to
support
global
law
enforcement
efforts
in
combating
illicit
uses
of
cryptocurrency.
We
unequivocally
condemn
the
misuse
of
USDT
or
any
cryptocurrency
for
criminal
activities.
We
are
fully
dedicated
to
our
continued
collaborative
efforts
with
law
enforcement
to
combat
fraud.”

Track
Record
of
Assistance

Tether’s
proactive
stance
in
assisting
law
enforcement
demonstrates
its
commitment
to
transparency
and
accountability
within
the
cryptocurrency
sector.
To
date,
the
company
has
aided
more
than
145
enforcement
agencies
across
40
jurisdictions,
helped
redistribute
over
$108.8
million
in
USDT
to
rightful
owners
and
law
enforcement,
and
voluntarily
blocked
over
1,900
wallets
connected
to
illicit
activities.

Image
source:
Shutterstock