Tether Helps DOJ Recover $5M USDT in Pig Butchering Fraud, Boosting Global Law Enforcement Efforts

• Tether aids U.S. DOJ, helping seize $5 million in USDT stolen in a fraud scheme targeting victims through online relationships.
• Tether collaborates with the FBI to freeze wallets linked to a money-laundering operation, highlighting its commitment to transparency.
• CEO Paolo Ardoino reaffirms Tether’s dedication to global law enforcement in combating illicit cryptocurrency activities.

Tether has recently assisted the U.S. Department of Justice (DOJ) in recovering $5 million in USDT linked to a fraud scheme. The company’s involvement highlights its continued commitment to fighting illicit use of stablecoins, playing a key role in preventing cyber-enabled fraud.

Fraud Scheme Targets Victims Through Online Relationships

The fraud, known as “pig butchering,” preyed on individuals through deceptive online relationships. Victims were led to believe they were investing in legitimate cryptocurrency platforms, only to discover these platforms were fake. This tactic, designed to mimic real investment opportunities, ensnared many. The successful seizure of funds, aided by Tether’s swift action, marked a critical step in addressing such schemes.

Tether’s Role in Supporting Law Enforcement Efforts

Tether’s collaboration with the Federal Bureau of Investigation (FBI) resulted in freezing multiple wallets involved in this sophisticated money-laundering operation. By working closely with law enforcement, Tether contributed to the seizure and eventual forfeiture of the stolen USDT. Notably, the company onboarded the FBI and U.S. Secret Service into its platform, creating more efficient investigations.

This case underscores Tether’s commitment to transparency and its proactive efforts to safeguard the cryptocurrency ecosystem. To date, the company has worked with over 145 enforcement agencies across 40 jurisdictions.

Paolo Ardoino Reaffirms Commitment to Law Enforcement Collaboration

Tether’s CEO, Paolo Ardoino, reaffirmed the company’s dedication to helping law enforcement in curbing criminal activities. He stated,

Tether remains resolute in its mission to support global law enforcement efforts in combating illicit uses of cryptocurrency. We unequivocally condemn the misuse of USDT or any cryptocurrency for criminal activities. We are fully dedicated to our continued collaborative efforts with law enforcement to combat fraud

Tether has voluntarily blocked more than 1,900 wallets linked to illegal activities, redistributing over $108.8 million in USDT to rightful owners and agencies. This highlights its ongoing role in victim recovery efforts.