Tether Helps US Authorities Seize $6 Million in Crypto Scam Proceeds
Tether, the company behind the largest stablecoin by market cap, says it helped US authorities confiscate the proceeds of a crypto-confidence scheme.
The US Department of Justice (DOJ) announced the seizure of assets linked to a crypto-confidence scheme in Southeast Asia that targeted individuals in the US. The FBI was able to trace the funds and identified several crypto wallets that still hold over $6 million worth of the victims’ assets.
Tether says it froze the assets which enabled the authorities to swiftly recover the illegally obtained funds. This isn’t the first time Tether has helped law enforcement. In the past 12 months, the company has helped seize millions of dollars worth of crypto assets linked to fraudulent schemes. This includes nearly $14 million in USDT from pig butchering operations and $1.4 million in USDT from a tech support scam network.
Tether CEO Paolo Ardoino says the company is committed to helping law enforcement agencies worldwide in stopping the misuse of crypto.
- “We stand ready to collaborate with government agencies and deliver all necessary tools to ensure that global bad actors are brought to justice and that ultimately, the victims are supported.”
