Helping the DOJ Seize $6M from Crypto Scam

• Tether assisted the DOJ in seizing $6 million linked to a crypto-confidence scheme, reinforcing its anti-fraud stance.
• Tether has blocked over $1.8 billion USDT, aiding 180+ enforcement agencies, showcasing its dedication to fighting fraud.

Tether has took a big step forward in its ongoing efforts to prevent fraudulent activity in the cryptocurrency ecosystem by supporting the United States Department of Justice (DOJ) in seizing over $6 million in assets associated with a crypto-confidence scheme in Southeast Asia.

The DOJ looked into this fraud, which deceived people by pretending to be well-known platforms, and with the help of Tether, successfully confiscated money.

The company’s quick response in freezing the assets was critical to ensuring that these illegal earnings were recovered, highlighting Tether’s dedication to the integrity of the cryptocurrency ecosystem.

Tether Collaboration with DOJ Highlights Its Fight Against Crypto Fraud 

The DOJ officially acknowledged Tether’s involvement in this seizure, emphasizing the company’s proactive strategy of collaborating with law enforcement agencies to avoid illicit activity in the crypto market.

This current case is just one of many occasions in which Tether has worked with law authorities to prevent fraudulent activities.

Tether has played a critical role in assisting with the confiscation of significant amounts of USDT linked to various frauds over the last year, including nearly $9 million in one case and nearly $5 million in another, both of which were linked to pig butchery activities.

Scammers frequently use false love relationships to acquire victims’ trust and encourage them to engage in bogus cryptocurrency schemes.

US Authorities Seize Millions from Tech Scam Targeting the Elderly

The Southeast Asian scheme is not a unique event in Tether’s fight against cryptocurrency theft. In another recent case, Tether assisted US authorities, including the FBI, in seizing nearly $1.4 million in USDT from a tech support scam network that predominantly targeted the elderly.

This fraud duped victims into believing that their bank accounts were at risk and persuaded them to move their funds to cryptocurrencies for alleged protection.

Tether’s willingness to freeze multiple wallets participating in such schemes has proven to be a helpful tool for assisting law enforcement in tracking down and recovering stolen assets.

Overall, Tether’s efforts over the last year have demonstrated its commitment to transparency and accountability in the cryptocurrency market. To far, the business has assisted over 180 enforcement agencies in 45 jurisdictions and banned over $1.8 billion in USDT linked to illegal operations.

These measures have not only stopped more fraudulent transactions, but have also resulted in the return of more than $128 million in USDT to rightful owners and law enforcement organizations.

Paolo Ardoino, CEO of Tether, reaffirmed the company’s continuous commitment to tackling fraud and illegal activity using cryptocurrency. He stated:

“Tether is steadfast in its commitment to assist law enforcement agencies worldwide in stopping the misuse of cryptocurrency.”

Previously, CNF reported that the T3 Financial Crimes Unit (T3 FCU) combines TRM Labs’ anti-financial crime expertise with Tron’s technology and Tether’s investigative capabilities. Ahead of the official launch, the T3 FCU successfully collaborated with law enforcement to freeze over $12 million in USDT linked to criminal activity.

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