- Tether recently assisted the US DoJ in recovering close to $5 million worth of USDT lost in a romance scam.
- It has reclaimed $108 million from scams since it launched in 2014.
As a researcher with a keen interest in the intersection of technology and finance, I find Tether’s recent efforts to be commendable. Their dedication to helping victims of fraud and assisting law enforcement agencies is a testament to their commitment towards maintaining trust within the cryptocurrency ecosystem.
Tether, the company responsible for the largest market capitalization stablecoin, USDT (also known as Tether), has reported assisting in the recovery of approximately $108.8 million worth of USDT since its launch in 2014. This includes helping victims of fraud and law enforcement agencies to reclaim their funds. Tether’s unique feature allows it to trace the movement of its digital asset, giving it the power to prevent wallets from using USDT derived from illegal activities.
On its website, Tether announced that it has aided over 145 law enforcement agencies in 40 different countries by providing assistance. Additionally, they have returned more than $108.8 million worth of USDT (Tether’s stablecoin) to legitimate users and law enforcement. Furthermore, they have voluntarily blocked over 1,900 wallets suspected of illicit activity to assist global law enforcement efforts.
Tether Reclaimed $5 Million From a Romance Scam
Most recently, Tether aided the US Department of Justice (DoJ) in seizing about $5 million from cybercriminals engaging in a pig-butchering scam to collect the proceeds. These scams, also called romance scams, have become a popular means for cybercriminals to wreak havoc. They usually involve scammers finding victims and creating trust by posing as romantic interests over significant periods. Then, the scammers get victims to invest in fraudulent crypto platforms they set up to run away with the funds.
Concerning the instance where Tether assisted the DoJ, US Attorney Michael Easley stated in a press statement: “In this specific incident, an individual lost his entire retirement account due to a scam. We’re recovering every penny we can manage, regardless of where the criminals are based. Our goal is to seize their ill-gotten gains and restore funds to the victims.”
Tether actively collaborates with law enforcement agencies to safeguard its users from unwanted incidents. They have brought on board the FBI and the Secret Service to aid them in retrieving funds stolen by fraudsters. In Paul Ardoino’s own words, the CEO of Tether, “We firmly denounce any misuse of USDT or cryptocurrencies for criminal purposes. We remain committed to our ongoing partnership with law enforcement in the fight against fraud.”
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2024-08-24 22:57