Tether helped the Department of Justice seize $6 million related to its cryptocurrency trust system, strengthening its anti-fraud stance. Tether has blocked over 1.8 billion USDT and supported 180 law enforcement agencies, demonstrating its commitment to the fight against fraud.
In its continued efforts to prevent fraudulent activity in the cryptocurrency ecosystem, Tether assists the U.S. Department of Justice (DOJ) in seizing over $6 million in assets related to a cryptocurrency trust system in Southeast Asia. We took a big step.
The Department of Justice investigated the scam, which deceived people under the guise of a well-known platform, and with the help of Tether, was able to seize the money.
The company’s swift response to the asset freeze is essential to ensuring the recovery of these illegal profits and underscores Tether’s dedication to the integrity of the cryptocurrency ecosystem.
Tether’s collaboration with the Department of Justice highlights the fight against crypto fraud
The Department of Justice formally acknowledged Tether’s involvement in the seizure, highlighting the company’s aggressive strategy to work with law enforcement to thwart illegal activity in the cryptocurrency market.
This incident is just one of many instances in which Tether has worked with legal authorities to prevent fraud.
Over the past year, Tether has played a key role in seizing large sums of USDT related to various scams, including nearly $9 million in one case related to pig slaughtering operations and $5 million in another. Contains nearly a dollar.
Scammers often use fake romantic relationships to gain the trust of their victims and encourage them to engage in fake cryptocurrency schemes.
US authorities seize millions of dollars in high-tech scam targeting senior citizens
The Southeast Asian project is not an isolated incident in Tether’s fight against cryptocurrency theft. In another recent incident, Tether helped U.S. authorities, including the FBI, seize approximately $1.4 million in USDT from a tech support fraud ring that primarily targeted the elderly.
The scam led victims to believe that their bank accounts were at risk and convinced them to transfer funds to cryptocurrencies for protection.
Tether’s stance in freezing multiple wallets involved in such scams has proven to be a useful tool for law enforcement to track and recover stolen assets.
Overall, Tether’s efforts over the past year have demonstrated the company’s commitment to transparency and accountability in the cryptocurrency market. To date, the company has assisted over 180 law enforcement agencies in 45 jurisdictions, seizing over $1.8 billion in USDT related to illegal transactions.
These actions not only prevented further fraudulent transactions, but also returned more than $128 million in USDT to its rightful owners and law enforcement.
Tether CEO Paolo Ardoino reaffirmed the company’s continued commitment to combating fraud and illegal activities using cryptocurrencies. He declared:
“Tether remains unwavering in its commitment to helping law enforcement agencies around the world stop the misuse of cryptocurrencies.”
Previously, CNF reported that the T3 Financial Crimes Unit (T3 FCU) combines TRM Labs’ expertise in fighting financial crimes with Tether’s Tron technology and investigative capabilities. Prior to its official launch, T3 FCU worked with law enforcement agencies and successfully froze over $12 million in USDT related to criminal activity.
