1. Tether’s Role in Combating Crypto Scams
2. Tether’s Track Record of Cooperation with Authorities
3. Binance’s Assistance to Indian Authorities

Tether has announced its participation in the seizure of $6 million in crypto assets in collaboration with the US Department of Justice (DOJ). This event underscores Tether's commitment to combating fraud and collaborating with authorities to protect those within the crypto ecosystem.

Tether’s Role in Combating Crypto Scams

The scam in Southeast Asia involved impersonating real crypto businesses to lure unsuspecting investors, who ended up being defrauded. The role of Tether was to freeze the assets as soon as they were discovered, which made it easier for the DOJ to recover the funds quickly. The U.S. Attorney’s Office in Washington, D.C., publicly acknowledged Tether’s assistance in transferring the assets.

Tether’s Track Record of Cooperation with Authorities

Tether has continuously played a significant role in helping authorities apprehend crypto scammers and recover their loot. Last month, TheCoinrise reported that the stablecoin issuer had helped over 145 law enforcement agencies recover $108.8 million in USDT tied to illegal activities. In its recent report, the firm noted that it has assisted more than 180 enforcement agencies across 45 countries. Tether also blocked over $1.8 billion USDT and redistributed more than $128 million USDT to its rightful owners and law enforcement. In compliance with the US and other nations' sanctions, Tether voluntarily blocked over 1,850 wallets connected to illicit activity.

Binance’s Assistance to Indian Authorities

The leading cryptocurrency exchange Binance also played a pivotal role in aiding Indian authorities in investigating a major scam worth $47.6 million. Binance provided support to India’s Financial Intelligence Unit (FIU) in investigating the Fiewin app, which was linked to scams promising players easy earnings through various online games. Binance provided Indian authorities with essential data that helped identify key suspects and entities involved in the scam. Unlike Tether’s case, where the fund recovery was confirmed, neither Binance nor the agency clarified whether the funds were recovered.

The actions of companies like Tether and Binance highlight the importance of collaboration between the crypto industry and law enforcement agencies in combating fraud and protecting the participants within the crypto ecosystem.