Peter Zhang
24 Aug 2024 05:28
Tether helps the U.S. Department of Justice seize $5 million worth of USDT in a fraudulent scheme, strengthening its commitment to combating illicit activity.
Tether, the largest company in the digital asset industry, has taken a significant step in its ongoing efforts to combat illicit activity. According to Tether, the company helped the U.S. Department of Justice (DOJ) seize approximately $5 million worth of USDT stolen through a sophisticated fraud scheme.
Pig slaughter scam
The scam, dubbed “Pig Slaughter,” targeted victims through fake online relationships, ultimately tricking them into investing in counterfeit cryptocurrency platforms that mimicked legitimate ones. A recent press release from the DOJ highlighted the seizure as a major victory in the fight against cyber fraud.
Cooperation with law enforcement agencies
Tether played a key role in successfully seizing and confiscating the stolen funds by freezing several wallets involved in the scam. This effort was part of a broader collaboration with the Federal Bureau of Investigation (FBI) and highlighted Tether’s proactive approach to combating malicious activity and helping victims recover. The company also integrated FBI and U.S. services into its platform to enhance investigative synergies.
Commitment to Transparency
Tether CEO Paolo Ardoino reaffirmed the company’s commitment to working with law enforcement, saying, “Tether remains steadfast in its mission to support global law enforcement efforts to combat the illicit use of cryptocurrencies. We categorically condemn any misuse of USDT or any cryptocurrency for criminal activity, and we remain committed to our continued collaborative efforts with law enforcement to combat fraud.”
Support Performance
Tether’s proactive stance in supporting law enforcement demonstrates its commitment to transparency and accountability in the cryptocurrency sector. To date, the company has supported over 145 enforcement agencies across 40 jurisdictions, helped redistribute over $188 million USDT to legitimate owners and law enforcement, and voluntarily blocked over 1,900 wallets associated with illicit activity.
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