A Nigerian scammer successfully impersonated Steve Witkoff and defrauded a donor out of $250,000 USDT using a spoofed email.
Fraud in Nigeria and Victim Deception
The Nigerian scammer used a spoofed email of Steve Witkoff, co-chair of the Trump-Vance Inaugural Committee, to trick a victim into sending 250,000 USDT. The victim deposited funds into a fraudulent wallet marked by slight changes in the email address.
Collaboration Between Law Enforcement and Tether
The FBI, leveraging blockchain analysis, worked alongside Tether to freeze approximately $40,000 of the stolen funds. This incident highlights the importance of collaborative efforts between law enforcement and digital currency companies in fighting cybercrime.
USDT Stability Analysis and Blockchain Features
This incident underscores vulnerabilities in digital asset transactions, even with improved blockchain tracing capabilities. As of July 3, 2025, USDT maintains a stable market position with a price of $1.00 and a market cap of $158.33 billion.
This fraud case serves as a prominent example of the challenges associated with cryptocurrencies and the necessity for law enforcement to be prepared for such incidents.
