March 12, 2024 — Tether, the largest company in the cryptocurrency ecosystem, played a key role in the seizure of approximately $1.4 million worth of Tether (USDT) tokens by the U.S. Department of Justice and Federal Bureau of Investigation. Technical Support Scam Network. The funds will be returned to the victims of the fraud. Tether’s voluntary assistance to the Department of Justice and FBI marks another significant commitment in the fight against the use of cryptocurrencies in financial fraud.
The U.S. Department of Justice publicly acknowledged Tether’s assistance in effecting the transfer of these assets, further underscoring Tether’s commitment to maintaining integrity within the cryptocurrency industry.
The alleged fraud scheme, which is still under investigation, primarily targets senior citizens across the United States. Perpetrators used pop-ups to trick victims into believing their computers had been compromised and prompting them to contact technical support. Victims were then tricked into believing their bank accounts were at risk, and their funds were to be converted into cryptocurrency to protect themselves from hackers. These funds were transferred to a cryptocurrency wallet controlled by the perpetrator.
“We are proud of our collaboration with the U.S. government in the fight against financial fraud within the crypto ecosystem. This is an important milestone in our continued efforts to maintain integrity,” said Tether CEO Paolo Ardoino. We continue to work with law enforcement agencies around the world to lead the way in creating a safer and more secure environment. ”
Tether is resolutely committed to combating financial fraud and illegal activity in cryptocurrencies. The Company continues to voluntarily assist law enforcement agencies to protect the safety and security of its users and the broader cryptocurrency community.
