Tether, the issuer of the leading stablecoin USDT, has taken significant steps to combat illicit activities associated with its tokens. According to the assessment of specialists presented in the publication, the company has announced the freezing of around $42 million in USDT linked to suspected criminal actions, underscoring its commitment to maintaining the integrity of its digital currency.
Tether Collaborates with US Department of Justice
In a recent collaboration with the US Department of Justice, Tether played a crucial role in freezing nearly $61 million in USDT that was tied to pig-butchering scams. These scams involve fraudsters establishing personal connections with victims to lure them into investing in fraudulent cryptocurrency schemes. Tether's proactive measures reflect its dedication to enhancing blockchain transparency and aiding law enforcement in swiftly addressing such criminal activities.
Commitment to Financial Crime Prevention
The firm emphasizes its ongoing commitment to supporting authorities in the fight against financial crime, protecting victims, and ensuring that USDT remains a reliable and transparent tool for global commerce. By taking these actions, Tether aims to reinforce trust in its stablecoin and contribute to a safer cryptocurrency ecosystem.
Tether recently announced the discontinuation of support for its CNH stablecoin due to low market demand, a strategic shift that contrasts with its recent efforts to combat illicit activities associated with USDT. For more details, see this article.
