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Tether assists in recovering over $108.8 million USDT linked to illegal activities

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by Giorgi Kostiuk

2 years ago

  1. Tether's work with law enforcement
  2. Increase in 'romance' scams
  3. Impact on victims


    4. Since its launch in 2014, Tether has helped recover over $108.8 million USDT linked to illegal activities, collaborating with more than 145 law enforcement agencies worldwide.

    Tether's work with law enforcement

    Most recently, Tether assisted the United States Department of Justice (DoJ) in seizing approximately $5 million USDT from scammers who lured victims by posing as romantic interests, a scheme known as 'pig-butchering.' This operation involved the FBI and US service to enhance coordination in investigations.

    Increase in 'romance' scams

    In 2023, these scam schemes more than doubled in revenue year-over-year, increasing 85-fold since 2020. These scammers typically meet their victims online and spend a lot of time building trust to entice them into making larger investments.

    Impact on victims

    These fraudulent platforms display false investment portfolios with abnormally high returns to induce the victim to invest more. Once the funds are obtained, they are moved through crypto wallets to obscure their nature, source, control, and ownership.

    Tether continues to actively collaborate with law enforcement agencies worldwide, aiding in combating illegal activities and protecting victims' interests.

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