Tether, the largest stablecoin issuer in the cryptocurrency market, has been of immeasurable assistance to the U.S. Department of Justice (DOJ) in its efforts to recover more than $6 million connected to a cryptocurrency fraud scheme from Southeast Asia. The scam was that criminals would mimic real cryptocurrency businesses to lure in investors. This was extremely helpful that law enforcement was able to recover the funds with the help of Tether that acted quickly and froze the related assets.
The U.S. Attorney’s Office in Washington, D.C., appreciated Tether for its valuable contribution and emphasis on the role played in the transfer of the seized funds to the authorities. This latest seizure also demonstrates Tether’s commitment in the fight against fraud in the crypto space as well as its continuing collaboration with state authorities to safeguard consumers against fraudulent schemes.
Tether’s Crime Crackdown
Tether has previously worked with the police to combat crime within the cryptocurrency space. In the past year alone, the company has supported the DOJ in a number of large operations, including the freezing of almost $9 million in USDT related to the ‘pig butchering’ scams. Moreover, company contributed to the freezing and the return of around $1.4 million in USDT associated with a tech support fraud ring.
The company has also had the privilege of engaging with more than 180 enforcement agencies in 45 different countries. In these measures, Tether has frozen over $1.8 billion of USDT linked to criminal activities.
Also, the company has returned more than $128 million of the received funds to their legal owners and liaison agencies in different parts of the world and has thus further established its role in combating cryptocurrency-related offenses.
Proactive Wallet Freezing
Besides its reactive measures, Company has been proactive and has frozen over 1,850 wallets it suspected to be involved in criminal activities. This ensures that the company abides by the best practices as continued by companies in the cryptocurrency industry.
Paolo Ardoino, CEO of Tether, underlined the Company’s commitment to help the global law enforcement fight against the misuse of cryptocurrencies. Ardoino stated,
”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.”
Due to its ongoing cooperation with the police departments across the globe, Tether is still an important player in the protection of the crypto environment. These actions are also proving useful in preventing and unpicking the misuse of assets to protect investors and make cryptocurrencies safer.