Tether's strong ties with law enforcement led to the recovery of millions in USDT, curbing crypto crime globally.
Tether's market cap surged by $820M, showing its growing role in securing digital assets and battling crypto fraud.
Pig-butchering scams hit hard, but Tether's swift actions with the DOJ froze fraudulent wallets and recovered $5M USDT.
Tether CEO Paolo Ardoini has restated his commitment to promptly prohibiting the use of cryptocurrencies for illicit activities. In order to safeguard digital assets and Prevent fraud, he asserted that Tether has maintained tight collaboration with foreign law enforcement agencies. Because of this relationship, millions of USDT have been recovered, and over 1,900 wallet addresses linked to illegal activity have been blacklisted.
https://twitter.com/Tether_to/status/1827045168643559835 Major Collaborations with Law Enforcement
Tether has worked with more than 145 law enforcement agencies across 40 unique jurisdictions. Their efforts have resulted in the return of millions of USDT to rightful owners and authorities.
Notably, Tether cooperated with the U.S. Department of Justice (DOJ) to retrieve almost USDT $5 million linked to a fraudulent endeavour called "pig butchering." In this fraud, con artists pose as potential love interests in order to trick victims into investing in phony cryptocurrency platforms.
Several wallets linked to the scam were frozen as a result of Tether and the FBI working together. As a result, the money that was recovered was taken and forfeited, proving that Tether plays a vital part in preventing crimes related to cryptocurrencies.
Rising Market Presence and Continued Vigilance
Another sign of Tether's proactive commitment to avoiding fraud is its growing market dominance. According to CoinMarketCap, Tether's market value climbed by $820 million in the previous five days to reach $117.6 billion. This increase shows Tether's increasing influence on the global financial system.
Romantic scams, such as those involving the butchering of pigs, are on the rise. The money made from these scams increased by 85 times between 2020 and 2023, or about 100%, over the preceding year. Chainalysis found that because large amounts of money were at stake, scams involving the butchering of pigs had the worst effects on their victims.
The DOJ went on to say that con artists transfer money using cryptocurrency wallets in order to conceal the type, origin, and ownership of the money obtained through fraud. In addition, Tether helped the DOJ on March 12th seize almost $1.4 million USDT, which was thought to be the earnings of a customer service scam.
The post Tether and DOJ Team Up to Combat ‘Pig Butchering’ Scams, Recovering Millions appeared first on Crypto News Land.