Key points:
Tether aids DOJ in $6m crypto-scam asset recovery.
Fraudsters mimic real platforms to deceive investors.
$1.8 billion in illicit USDT frozen by Tether to date.
Tether collaboration with DOJ freezes $6M from a crypto scam, freezing funds before they were laundered. Tether has blocked $1.8B in illicit USDT activities to date.
Tether Collaboration with DOJ in $6M Crypto Scam Recovery
Tether collaborated with the DOJ to freeze over $6 million in funds linked with a Southeast Asia-based cryptocurrency scam. The fraudsters created fake websites to pose as legitimate platforms to deceive investors into putting money in their pockets.
Due to this coordination, the Tether move enabled the law enforcers to recover the money before being transferred into more obscure laundering structures.
Read more: Tether Law Enforcement Support Pushed to Crack Down on Crypto Scam
Tether Blocks $1.8 Billion in Illicit USDT Activity
Tether has frozen $1.8 billion in USDT connected to illicit activities over the years, as the company’s continuous policy has been that of containing criminal operations: the latest case involved a Southeast Asian scam.
Tether has gone a step further, even partnering with Chainalysis in a bid to help fight the use of its stablecoin in money laundering, fraud, and terrorism financing.
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