$225,000,000 in USDT Frozen by Tether Following Investigation Into International Crime Syndicate
The firm behind USDT has voluntarily frozen over $200 million worth of stablecoins to assist the U.S. Department of Justice (DOJ).
In a new announcement, Tether says they are freezing $225 million in USDT funds in certain Southeast Asian wallets allegedly connected to “pig-butchering” romance scams.
In a pig butchering scam, bad actors form a relationship with a victim online to gain their trust and convince the victim to invest in cryptocurrency platforms that the scammers control. Once the victim has invested a significant amount of money, the con artist disappears with the funds.
The fraudsters refer to their victims as “pigs” because they use elaborate storylines to “fatten up” the victim into believing they are in a close relationship.
According to the announcement, Tether and OKX are assisting the DOJ by freezing the funds of wallets associated with an international human trafficking syndicate behind the alleged scams.
Says Tether CEO Paolo Ardoino,
“Our recent assistance to the Department of Justice underscores our dedication to fostering a secure environment. We believe in leveraging technology and relationships, such as our collaboration with OKX, to proactively address illicit activities and uphold the highest standards of integrity in the industry.”
All the funds frozen were in external self-custodied wallets, according to the announcement.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/FullRix/Andy Chipus