Tether, the largest company in the digital asset industry, reaffirms its commitment to combat illicit activities, stop illegal use of stablecoin technology, and provide support to victims through its assistance to, and support of, law enforcement agencies globally. As the U.S. Department of Justice (DOJ) just announced in a press release, Tether aided law enforcement in the seizure of nearly $5 million in USDT stolen through fraud.
The scheme, known as “pig butchering,” targeted victims through fraudulent online relationships, ultimately luring them into fake cryptocurrency investment platforms designed to mimic legitimate ones. The seized funds, associated with a sophisticated money laundering operation, mark a significant victory in the ongoing battle against cyber-enabled fraud.
In continuing its mission to protect the integrity of the financial ecosystem, Tether assisted the Federal Bureau of Investigation (FBI) by freezing multiple wallets, leading to the successful seizure and forfeiture of the funds. This collaboration demonstrates the value of Tether’s proactive initiatives to combat nefarious activities and contribute to victim recovery, including onboarding the FBI and United States Service into its platform to effectuate synergy in investigations.
Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to collaborating with law enforcement agencies, stating, “Tether remains resolute in its mission to support global law enforcement efforts in combating illicit uses of cryptocurrency. We unequivocally condemn the misuse of USDT or any cryptocurrency for criminal activities. We are fully dedicated to our continued collaborative efforts with law enforcement to combat fraud.”
Tether’s proactive approach in assisting law enforcement is a testament to its commitment to transparency and accountability within the cryptocurrency space. To date, Tether has assisted more than 145 enforcement agencies across 40 jurisdictions, redistributed more than $108,8 million in USDT to its rightful owners and law enforcement, and voluntarily blocked over 1,900 wallets connected to illicit activity in assisting law enforcement globally.