Tether teams up with DOJ to freeze over $6m in crypto-scam proceeds
- Tether aids DOJ in $6m crypto-scam asset recovery.
- Fraudsters mimic real platforms to deceive investors.
- $1.8 billion in illicit USDT frozen by Tether to date.
You are viewing a single comment's thread from:
Tether, a widely-used stablecoin, has played a crucial role in assisting the US Department of Justice (DOJ) in seizing over $6 million in funds tied to a sophisticated Southeast Asian cryptocurrency confidence scheme. The scam, which involved fraudsters deceiving investors and funneling their funds into illicit wallets, was a complex and far-reaching operation that had gone undetected for some time.
Thanks to Tether's cooperation with the DOJ, the company was able to freeze the funds, allowing the authorities to recover them and bring the perpetrators to justice. This is just the latest example of Tether's efforts to shed its controversial image and take a proactive stance against money laundering, fraud, and terrorism financing.
In May, Tether announced a partnership with Chainalysis, a leading blockchain analytics firm, to further enhance its ability to detect and prevent the use of its stablecoin in illicit activities. This partnership has already yielded significant results, with Tether reporting that it has blocked over $1.8 billion in USDT (Tether's stablecoin) tied to criminal activity.
Tether's efforts to combat illicit activities are a significant step forward in the development of the cryptocurrency industry, which has long been plagued by concerns about money laundering, fraud, and other forms of financial crime. By working closely with law enforcement agencies and other stakeholders, Tether is helping to create a safer and more secure environment for cryptocurrency users and investors.
Article