Since its get-go in 2014, Tether, the world’s leading stablecoin issuer, has been championing the war against criminal activities in the cryptocurrency space. The company has assisted over 145 law enforcement agencies across 40 jurisdictions, helping to recover more than $108.8 million USDT linked to dubious activities. This commitment to transparency and accountability has made Tether a key ally in the global fight against cyber fraud.
Since its launch in 2014, #Tether has played a key role in aiding law enforcement by helping over 145 agencies recover more than $108.8 million USDT connected to illegal activities. According to a recent statement, Tether's efforts have been instrumental in redistributing…
— Rananjay Singh (@TodayCryptoRj) August 24, 2024
Dozens of “illicit” wallets blocked by Tether
Tether has adopted a proactive approach to assisting law enforcement agencies. The company has “voluntarily blocked” more than 1,900 cryptocurrency wallets worldwide connected to illegal activity. Tether CEO Paolo Ardoino restated this commitment in an August 23 statement, saying, “Tether remains resolute in its mission to support global law enforcement efforts in combating illicit uses of cryptocurrency. We unequivocally condemn the misuse of USDT or any cryptocurrency for criminal activities. We are fully dedicated to our continued collaborative efforts with law enforcement to combat fraud.“
Huge Progress with Romance Scams with the Feds Synergy
One of Tether’s most significant victories in the ongoing battle against cyber-enabled fraud, assisting the United States Department of Justice (DoJ), was the recent seizure of approximately $5 million in USDT from scammers involved in a scheme known as “pig-butchering,” or otherwise romance scam. This scam involves criminals building trust with their victims through fraudulent online relationships, ultimately luring them into fake cryptocurrency investment platforms designed to mimic legitimate ones.
Per the US DoJ’s statement on August 22, “These fake investment platforms display a fictitious investment portfolio with abnormally large investment returns, which is designed to induce the victim to invest more.”
The seized funds, associated with high-profile money laundering cases, marked a big-time victory in the ongoing battle against cyber-enabled fraud. Tether assisted the Federal Bureau of Investigation (FBI) by freezing multiple wallets, leading to the successful seizure and forfeiture of the funds.
$50M of USDT just blacklistedTether blacklisted 5 wallets containing a total of $54.1M USDT 2 hours ago.Addresses below:https://t.co/qTERDlbW9Thttps://t.co/ANfJNT1twJhttps://t.co/q6oba5PLYyhttps://t.co/YujAwbNT9qhttps://t.co/y0J0F4C27y pic.twitter.com/d8wMcYxs6i
— Arkham (@ArkhamIntel) May 17, 2024
Pig-butchering has become a huge concern in recent years. In 2023, romance scams more than doubled in revenue year-over-year, with data indicating a growth of 85 times since 2020. Chainalysis believes that pig-butchering scams have the “worst impact on victims of all scam types” due to the average payment size.
Tether froze ~225M $USDT (37 wallets) linked to a human trafficking group 1 hour ago.These wallets had been moving $USDT before being frozen, with most of the $USDT being transferred to #OKX.Check frozen TX here.https://t.co/TlfFJvpgiW pic.twitter.com/vEMTd3YzBq
— Lookonchain (@lookonchain) November 20, 2023
Meanwhile, on November 20 of last year, Coinfomania reported that Tether, in a joint investigation with OKX and the US DoJ, froze $225 million in stolen USDT from 37 accounts linked to a romance scam by suspected “international human trafficking syndicate in Southeast Asia” as data from blockchain tracker Lookonchain confirmed.
The post Tether Cracks Down on Crime With $108.8M in Illicit USDT ‘Redistributed’ Since 2014 appeared first on Coinfomania.
