US Government Seeks to Forfeit $200,000 USDT in Ohio Bitcoin Theft
The US government is taking legal action to forfeit 200,000 Tether (USDT), valued at approximately $200,000, in connection with a major cryptocurrency fraud. The funds were derived from stolen Bitcoin and are expected to be quickly returned to victims in Ohio after the trial.
In February 2024, $340,000 worth of Bitcoin was fraudulently transferred, without the victims initiating or authorizing the transaction. The investigation found that the stolen Bitcoin was then converted into USDT, and law enforcement successfully tracked the illicit funds using blockchain technology.
The U.S. Attorney's Office for the Northern District announced last week that it had filed a civil forfeiture complaint seeking to forfeit 200,000 USDT in connection with the case. The stolen funds were traced to two Ethereum addresses and frozen by Tether in March 2024. In July, a federal forfeiture order resulted in the transfer of the tokens to wallets controlled by law enforcement.
This incident not only highlights the growing use of cryptocurrencies in financial crimes, but also demonstrates the powerful ability of blockchain technology to track illegal funds. If the confiscation is successful, the tokens will hopefully be returned to the victims.
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