Tether Partners with DOJ in Recovering Millions from Crypto-Confidence Scam
As part of its continuous efforts to stop fraud in the cryptocurrency space, Tether has made significant progress by helping the US Department of Justice (DOJ) seize assets worth over $6 million connected to a crypto-confidence scheme in Southeast Asia. Investigating this fraud, which fooled consumers by impersonating well-known sites, the DOJ was able to seize money successfully with the aid of Tether. Tether demonstrated its commitment to maintaining the integrity of the crypto ecosystem by acting quickly to freeze the assets, which was essential to ensuring that these illicit proceeds were retrieved.
Tether’s Global Efforts Lead to $1.8B in Seized USDT from Criminal Networks
With a focus on Tether’s proactive approach of working with law enforcement to prevent unlawful conduct in the cryptocurrency market, the DOJ formally acknowledged the company’s involvement in this seizure. Regarding Tether’s efforts to combat cryptocurrency theft, the Southeast Asian plan is not an isolated instance. Another instance that Tether helped with recently involved the seizure of around $1.4 million in USDT from a tech support scam network that mostly targeted senior citizens.
Tether has shown its dedication to accountability and openness in the cryptocurrency sector by its actions over the past year. Thus far, the company has aided more than 180 law enforcement agencies across 45 jurisdictions and prohibited more than $1.8 billion in USDT that was connected to illicit activities. Tether CEO Paolo Ardoino reiterated the company’s unwavering dedication to combating fraud and illicit activities through the use of cryptocurrencies.
Tether is steadfast in its commitment to assist law enforcement agencies worldwide in stopping the misuse of cryptocurrency.
Ardoino
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