Tether Assists US Government in Seizing $1.4 Million USDT Linked to Tech Fraud

Tether Assists US Government in Seizing $1.4 Million USDT Linked to Tech Fraud

Tether continues to take steps to combat financial fraud and illicit activities conducted through cryptocurrencies. The company recently assisted the US Department of Justice (DOJ) and the FBI in seizing $1.4 million worth of USDT in connection with a fraud investigation.

The largest company in the cryptocurrency ecosystem, Tether, aided the US Department of Justice (DOJ) and the FBI in an investigation into fraud allegations. As a result of the operation, approximately $1.4 million worth of USDT was seized, with reports indicating that these funds will be returned to the victims of the fraud. Tether’s voluntary assistance to the DOJ and FBI represents a significant step in effectively combating the use of cryptocurrencies for financial fraud. Additionally, the US Department of Justice confirmed Tether’s role in the transfer of these assets through an official statement, emphasizing the company’s commitment to maintaining integrity in the crypto industry.

The fraudulent scheme under investigation specifically targeted elderly individuals in the United States. Criminals used pop-up windows to deceive victims into believing their computers had been compromised and prompted them to contact for technical support. The victims then believed their bank accounts were at risk and were directed to convert their funds into cryptocurrency to purportedly protect themselves from supposed hackers. These funds were then transferred to virtual wallets controlled by the perpetrators.

Paolo Ardoino, CEO of Tether, commented on the process, stating, “We are proud of our collaboration with the United States government in combating financial fraud in the cryptocurrency ecosystem. The seizure of $1.4 million worth of USDT marks a significant milestone in our ongoing efforts to uphold integrity in this rapidly evolving industry. We remain committed to protecting users and combating illicit activities. Together with public officials worldwide, we will continue to lead the development of a safer and more secure environment.”