Tether helps Department of Justice recover $6 million from cryptocurrency fraud
USDT stablecoin issuer Tether played a key role in helping the U.S. Department of Justice (DOJ) seize $6 million in assets stolen through cryptocurrency fraud. Tether helps DOJ recover $6 million in assets stolen in these scams. Stablecoin providers have been actively working with law enforcement agencies to prevent misuse of digital assets.
Tether’s Role in Combating Cryptocurrency Fraud
Working with the DOJ, Tether helped seize $6 million from cryptocurrency fraud victims across Southeast Asia. These schemes mimicked legitimate cryptocurrency exchanges and lured victims in, resulting in significant financial losses. It is important to note how Tether is assisting the DOJ in recovering the $6 million and to highlight the DOJ’s ongoing efforts.
Tether CEO Paolo Ardoino emphasized the company’s efforts to clean up the cryptocurrency space. “Tether is committed to helping the DOJ recover $6 million and supporting law enforcement agencies globally to prevent cryptocurrency abuse,” Ardoino said.
Extensive Efforts to Stop Illegal Activities
Tether actively blocks fraudulent wallets and prevents illegal activity. Over time, the company has worked with more than 180 enforcement agencies across 45 jurisdictions. Together, they blocked over $1.8 billion USDT associated with illegal activities. Additionally, Tether demonstrated its commitment to cleaning up the cryptocurrency space by working to redistribute more than $128 million to its rightful owners.
Additionally, the company disrupted large-scale fraud operations such as pig slaughter scams and seized $9 million USDT from these illicit networks.
Ongoing efforts to protect the cryptocurrency ecosystem
In addition to recovering $6 million for victims, Tether’s collaboration with the DOJ led to several successful operations. Tether is helping the DOJ recover $6 million from these operations. The company helped seize an additional $5 million USDT and recovered $1.4 million from a tech support fraud network. Tether remains committed to protecting the cryptocurrency ecosystem by ensuring that malicious actors face consequences and victims receive compensation.