Tether Assists DOJ in $6m Crypto-Scam Asset Recovery Fraudsters imitate genuine platforms to trick investors. $1.8 billion in illegal USDT frozen by Tether to date.
Tether recently helped the US Department of Justice (DOJ) seize over $6 million tied to a Southeast Asian crypto-confidence scheme.
Tether CEO Paolo Ordono He commented: “We stand ready to cooperate with government agencies and provide all necessary tools to ensure that global bad actors are brought to justice.”
The scam in question involves fraudsters impersonating legitimate platforms to trick investors, diverting funds into illegal wallets.
Tether freezes funds and sets up the DOJ to recover them before scammers can move or launder them through more complex networks.
This is the latest for Tether to shed its controversial image.
In May, Tether partnered with blockchain analytics firm Chinalysis to further curb the use of USDT in money laundering, fraud and terrorism financing.
Despite past criticism, including a United Nations report that linked $17 billion in Tether on the Tron blockchain to underground exchanges, the company has been active in freezing wallets linked to criminal activity.
To date, Tether has reported blocking over $1.8 billion in USDT linked to illegal activity.
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