Tether, a stablecoin issuer, said it has collaborated with the U.S. Department of Justice to seize digital assets worth $6 million stolen from victims of crypto confidence schemes. Tether has assisted law enforcement in various jurisdictions, blocking over two billion dollars in USDT and recovering millions for victims. According to the stablecoin issuer, it has also redistributed funds to rightful owners and blocked numerous wallets involved in illicit activity.
Combating Misuse of Cryptocurrency
Tether, a stablecoin issuer, recently helped the U.S. Department of Justice (DOJ) seize $6 million in digital assets linked to Southeast Asian crypto confidence schemes. These funds were stolen from individuals who fell victim to fraudulent schemes mimicking legitimate digital asset exchanges.
In a blog post, Tether stated that assisting U.S. authorities demonstrates its commitment to protecting the digital asset ecosystem. Paolo Ardoino, Tether’s CEO, emphasized the company’s dedication to eradicating cryptocurrency misuse.
“Tether is committed to supporting law enforcement agencies globally in combating cryptocurrency misuse,” Ardoino said. “We stand ready to collaborate with government agencies and provide necessary tools to ensure bad actors are brought to justice and victims are supported.”
In addition to recovering $6 million, Tether has helped the DOJ seize $9 million in USDT and nearly $5 million in USDT, disrupting pig butchering operations. They also recovered $1.4 million from a tech support scam network.
Tether has assisted over 180 enforcement agencies in 45 jurisdictions, blocking over $1.8 billion in USDT. It has redistributed more than $128 million worth of USDT to rightful owners and law enforcement. Over 1,850 wallets involved in illicit activity have been blocked, the stablecoin issuer added.
Source: Bitcoin
