Tether, the largest stablecoin issuer in the cryptocurrency market, has provided invaluable support to the U.S. Department of Justice (DOJ) efforts to recover more than $6 million related to a cryptocurrency fraud scheme from Southeast Asia. The scam involved criminals mimicking a real cryptocurrency business to lure investors. This came in very handy as law enforcement agencies were able to recover the funds with the help of Tether, acted quickly and froze the assets involved.
The U.S. Attorney’s Office in Washington, D.C., highlighted the role it played in transferring the seized funds to authorities and highly praised Tether for its valuable contribution. This latest seizure also demonstrates Tether’s commitment to combating fraud in the cryptocurrency space and continued collaboration with state authorities to protect consumers from fraudulent schemes.
Tether crime control
Tether has previously worked with police to combat crime in the cryptocurrency space. In the past year alone, the company has assisted the Department of Justice in numerous large-scale operations, including freezing approximately $9 million in USDT related to the “pig butchering” scam. Additionally, the company helped freeze USDT and repay approximately $1.4 million in connection with a tech support fraud ring.
The firm has also had the privilege of working with more than 180 enforcement agencies in 45 countries. In these actions, Tether has frozen over $1.8 billion in USDT related to criminal activity.
The company also returned more than $128 million of the funds it received to their legal owners and contact agencies around the world, further establishing its role in the fight against crypto-related crimes.
Proactive Wallet Freeze
In addition to our reactive measures, we acted proactively and froze more than 1,850 wallets suspected of being involved in criminal activity. This ensures that the company adheres to the ongoing best practices of companies in the cryptocurrency industry.
Tether CEO Paolo Ardoino highlighted the company’s commitment to assisting law enforcement agencies around the world in combating the misuse of cryptocurrencies. Ardoino said:
“We stand ready to work with government agencies and provide all the tools necessary to ensure that bad actors around the world are brought to justice and, ultimately, victims are supported.”
With continued cooperation with police departments around the world, Tether continues to play an important role in protecting the crypto environment. These measures have also proven useful in protecting investors and preventing and exposing the misuse of assets to make cryptocurrencies more secure.
