Tether supports the U.S. Department of Justice in criminal investigations and victim rescue efforts

Tether has reiterated its commitment to fighting illegal activities, curbing the misuse of stablecoin technology, and supporting victims by working with law enforcement agencies worldwide. Recently, the U.S. Department of Justice (DOJ) announced that Tether played a critical role in helping law enforcement officials recover nearly 5 million USDT stolen through a fraudulent scheme.

Commonly referred to as “pig slaughter,” this scam involved deceiving victims by creating false online relationships and tricking them into investing in fake cryptocurrency platforms that imitated legitimate ones. The recovered funds were linked to a highly organized money laundering operation, marking a critical success in the ongoing fight against cyber fraud.

Tether’s role in supporting global law enforcement efforts

Tether’s involvement in this case underscores its commitment to preserving the integrity of the financial ecosystem. The company assisted the Federal Bureau of Investigation (FBI) by freezing several digital wallets, ultimately leading to the successful seizure and recovery of the stolen assets. This collaboration underscores Tether’s proactive stance in the fight against illicit activities and its commitment to assisting in victim rescue. Tether facilitated a partnership between the FBI and the United States Secret Service within its platform, fostering greater synergy in investigative efforts.

Paolo Ardoino, CEO of Tether, reiterated the company’s commitment to working closely with law enforcement. He reiterated: “Tether is committed to its mission to support law enforcement agencies worldwide in the fight against the illicit use of cryptocurrencies. We strongly condemn any misuse of USDT or other cryptocurrencies for criminal purposes. Our commitment to ongoing cooperation with law enforcement agencies to combat fraud is unwavering.”

Tether proactively supports the U.S. Department of Justice in criminal investigations and victim redress

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— Tether (@Tether_to) 23 August 2024

Tether’s proactive engagement with law enforcement agencies underscores its commitment to transparency and accountability in the cryptocurrency industry. To date, the company has worked with over 145 law enforcement agencies across 40 jurisdictions, helping to recover more than 108.8 million USDT for rightful owners and authorities. Tether has voluntarily blocked over 1,900 wallets associated with illegal activities, playing a critical role in global law enforcement efforts. In addition to these measures, Tether continuously updates its policies to comply with legal requirements, conducts regular audits to ensure its reserves fully cover the tokens issued, and works with blockchain analytics firms to monitor suspicious transactions. These measures underscore Tether’s commitment to creating a safe and compliant environment by addressing risks such as fraud, money laundering, and other illegal activities within the cryptocurrency ecosystem.

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