Tether Supports DOJ in Criminal Investigations and Victim Recovery Efforts
Release: 2024/08/27 08:04 Reading: 728
Tether has reaffirmed its dedication to combating illegal activities, curbing the misuse of stablecoin technology, and aiding victims by cooperating with law enforcement agencies worldwide. Recently, the U.S. Department of Justice (DOJ) announced that Tether played a pivotal role in helping law enforcement officials recover nearly $5 million in USDT stolen through a fraudulent scheme.
This scam, commonly referred to as “pig butchering,” deceived victims by establishing false online relationships and convincing them to invest in phony cryptocurrency platforms that mimicked legitimate ones. The recovered funds were linked to a highly organized money-laundering operation, marking a crucial success in the ongoing efforts to combat cyber-enabled fraud.
Tether’s Role in Supporting Global Law Enforcement Efforts
Tether’s involvement in this case highlights its commitment to maintaining the integrity of the financial ecosystem. The company assisted the Federal Bureau of Investigation (FBI) by freezing several digital wallets, which ultimately led to the successful seizure and recovery of the stolen assets. This collaboration underscores Tether’s proactive stance in fighting illicit activities and its dedication to supporting victim recovery. Tether facilitated a partnership between the FBI and the United States Secret Service within its platform, fostering greater synergy in investigative efforts.
Paolo Ardoino, the CEO of Tether, reiterated the company’s dedication to working closely with law enforcement agencies. He affirmed, “Tether is steadfast in its mission to aid global law enforcement in fighting the illegal use of cryptocurrencies. We strongly denounce any misuse of USDT or other cryptocurrencies for criminal purposes. Our commitment to ongoing collaboration with law enforcement to fight fraud is unwavering.”
Tether Proactively Assists U.S. DOJ in Criminal Investigation and Victim Recovery
Read More:https://t.co/WuxlJnm6j0
— Tether (@Tether_to) August 23, 2024
Tether’s proactive collaboration with law enforcement agencies underscores its commitment to transparency and accountability in the cryptocurrency industry. To date, the company has worked with over 145 enforcement agencies across 40 jurisdictions, aiding in the recovery of more than $108.8 million in USDT for rightful owners and authorities. Tether has voluntarily blocked over 1,900 wallets linked to illicit activities, playing a crucial role in global law enforcement efforts. In addition to these actions, Tether continuously updates its policies to comply with regulatory requirements, conducts regular audits to ensure its reserves fully back its issued tokens, and partners with blockchain analytics firms to monitor suspicious transactions. These measures reinforce Tether’s dedication to creating a secure and compliant environment by addressing risks such as fraud, money laundering, and other illegal activities within the cryptocurrency ecosystem.
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