Tether Assists U.S. Department of Justice in Seizing Over $6 Million in Alleged Proceeds Linked to Crypto-Confidence Scheme

27 September 2024 — Tether, the largest company in the digital asset industry, announced today that it assisted the U.S. Department of Justice (DOJ) in successfully seizing over $6 million in assets linked to a crypto-confidence scheme based in Southeast Asia. Tether’s ongoing work with law enforcement highlights its approach to combating fraud and its commitment to working closely with authorities to protect those in the ecosystem.

Yesterday, the DOJ announced the seizure of funds from a crypto-confidence scheme that defrauded individuals by mimicking legitimate platforms. Tether froze these assets, aiding the DOJ’s swift recovery. The U.S. Attorney’s Office in Washington, D.C., publicly acknowledged Tether’s assistance in transferring the assets.

In the past 12 months alone, Tether has assisted U.S. law enforcement in several cases including seizing close to $9 million in USD₮ and nearly $5 million in USD₮ disrupting pig butchering operations, and $1.4 million worth of USD₮ tokens from a tech support scam network.

Tether’s approach to assisting law enforcement is a testament to its commitment to transparency and accountability within cryptocurrency. To date, Tether has assisted more than 180 enforcement agencies across 45 jurisdictions, blocked $1.8+ billion USD₮, redistributed more than $128 million in USD₮ to its rightful owners and law enforcement, and voluntarily blocked over 1,850 wallets connected to illicit activity in assisting law enforcement globally.

“Tether is steadfast in its commitment to assist law enforcement agencies worldwide in stopping the misuse of cryptocurrency,” said Paolo Ardoino, CEO of Tether. “We stand ready to collaborate with government agencies and deliver all necessary tools to ensure that global bad actors are brought to justice and that ultimately, the victims are supported.”

Tether remains resolute in its commitment to combat illicit activities and safeguard the integrity of the cryptocurrency ecosystem. For more information on Tether’s proactive efforts and actions, visit TetherFacts.

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