Tether Recovers Over $108.8 Million Worth of USDT from Criminal Activities
Since 2014, Tether has recovered over $108.8 million worth of USDT from criminal activities with the help of over 145 law enforcement agencies.
Stablecoin issuer Tether has announced that it has recovered over $108.8 million in USDT that was involved in criminal activities, thanks to the assistance of more than 145 law enforcement agencies.
In a statement, Tether CEO Paolo Ardo said, “Tether remains fully committed to supporting global law enforcement efforts in combating illicit uses of cryptocurrency.” He added that Tether is working closely with law enforcement to combat fraud, and that the company strongly condemns the misuse of USDT or any other crypto asset for illegal activities.
In one recent scam, known as a “pig-butchering” fraud, Tether helped the US Department of Justice (DOJ) seize around $5 million in Tether tokens from fraudsters who scammed victims by pretending to be romantic interests and then disappearing with their funds.
The DOJ stated that the fraudsters met their victims online and spent months gaining their trust in order to convince them to make substantial investments.
Tether hailed this as a positive development, noting that the seizure of funds “marks a significant victory in the ongoing battle against cyber-enabled fraud.”
Tether also announced its plans to work with the Federal Bureau of Investigation (FBI) and the US Secret Service to further combat crypto crime.
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