Tether, the issuer of the USDT stablecoin, recently collaborated with the U.S. Department of Justice and the FBI to seize approximately $1.4 million worth of USDT in an effort to combat fraud. The assets are set to be returned to the victims of the scam, with American authorities expressing gratitude for Tether’s assistance.

Paolo Ardoino, the CEO of Tether, emphasized the significance of the seizure, stating, “The seizure of $1.4 million worth of Tether (USDT) marks a significant milestone in our ongoing efforts to uphold integrity in this rapidly evolving industry.”

The scam primarily targeted senior citizens across the United States, using deceptive pop-ups to convince victims that their computers were compromised and urging them to seek technical support. Subsequently, victims were misled into believing that their bank accounts were in jeopardy, prompting them to convert their funds into cryptocurrency as a precaution against hackers. These funds were then transferred to digital wallets controlled by the perpetrators.

Tether is actively collaborating with U.S. authorities to freeze illicit assets, having previously frozen assets in 41 wallets linked to individuals on the U.S. Office of Foreign Assets Control (OFAC) sanctions list. The company maintains partnerships with 19 jurisdictions worldwide and supports ongoing investigations by providing crucial information to law enforcement agencies. Additionally, Tether has frozen 800 million USDT in secondary market addresses associated with hacking and theft, and has assisted the U.S. Department of Justice in blocking 188 wallets containing 70 million USDT in response to 68 requests.

For more news and updates on the latest developments in the cryptocurrency industry, be sure to explore Global Crypto News.

Post Views: 6