Tether recently assisted the US Department of Justice (DOJ) in seizing over $6 million tied to a Southeast Asian crypto-confidence scheme.
Tether CEO Paolo Ardoino commented: “We stand ready to collaborate with government agencies and deliver all necessary tools to ensure that global bad actors are brought to justice.”
The scam in question involved fraudsters mimicking legitimate platforms to deceive investors, funnelling funds into illicit wallets.
Tether froze the funds before the scammers could move or launder them through more complex networks, setting up the DOJ to then recover them.
This is the latest in Tether’s push to shed its controversial image.
In May, Tether partnered with blockchain analytics firm Chainalysis to further curb USDT’s use in money laundering, fraud, and terrorism financing.
Despite past criticisms, including a United Nations report that linked $17 billion in Tether on the Tron blockchain to underground exchanges, the company has been proactive in freezing wallets associated with criminal activity.
To date, Tether reports it has blocked over $1.8 billion in USDT tied to illicit activities.
