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Home » Tether Assists DOJ in Recovering $6 Million From Crypto Scams

Tether Assists DOJ in Recovering $6 Million From Crypto Scams

Emily Adams by Emily Adams
September 30, 2024
in General News
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Tether Assists DOJ in Recovering $6 Million From Crypto Scams
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Tether, the issuer of the USDT stablecoin, has played a crucial role in helping the U.S. Department of Justice (DOJ) seize $6 million in assets stolen through crypto scams. Tether assists DOJ in recovering $6 million in assets stolen through these scams. The stablecoin provider has been actively working with law enforcement agencies to combat the misuse of digital assets.

Tether’s Role in Fighting Crypto Fraud

In collaboration with the DOJ, Tether assisted in seizing $6 million from victims of crypto scams across Southeast Asia. These schemes lured victims by imitating legitimate crypto exchanges, leading to substantial financial losses. It is crucial to note how Tether assists DOJ in recovering $6 million, emphasizing their ongoing efforts.

Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to cleaning up the crypto space. “Tether assists DOJ in recovering $6 million and is fully dedicated to supporting law enforcement globally to combat cryptocurrency abuse,” Ardoino stated.

Extensive Efforts to Block Illicit Activity

Tether actively blocks fraudulent wallets and prevents illegal activity. Over time, the company has collaborated with over 180 enforcement agencies across 45 jurisdictions. Together, they have blocked over $1.8 billion in USDT tied to illicit activities. Furthermore, Tether has worked to redistribute over $128 million to rightful owners, showcasing its commitment to cleaning up the crypto space.

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The company has also disrupted larger scam operations, such as pig butchering scams, and seized $9 million in USDT from these illegal networks.

A Continued Effort to Safeguard the Crypto Ecosystem

Beyond recovering $6 million for victims, Tether’s collaboration with the DOJ has led to several successful operations. Tether assists DOJ in recovering $6 million in these operations. The company helped seize an additional $5 million USDT and recovered $1.4 million from a tech support scam network. Tether remains committed to safeguarding the crypto ecosystem by ensuring bad actors face the consequences and victims receive restitution.

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Emily Adams

Emily Adams

For the past 2 years, Emily has been actively engaged in journalism, with a keen focus on blockchain and cryptocurrency for the last 1 year. Throughout her career, she has adeptly covered an array of topics, encompassing health and finance, showcasing her versatility and passion for writing. Here at Cryptomufasa Emily is handling the PR and editorial part.

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