Fun

News Feed - 2023-11-21 12:11:37

Turner Wright8 hours agoTether freezes $225M in USDT linked to romance scammers amid DOJ investigationThe stablecoin issuer reported the illicit funds had been used by a Southeast Asia-based crime syndicate responsible for a “pig butchering” romance scam.5843 Total views29 Total sharesListen to article 0:00NewsJoin us on social networksStablecoin issuer Tether has frozen roughly $225 million worth of USDT (USDT) as part of a United States Department of Justice investigation into a Southeast Asian human trafficking syndicate.


In a Nov. 20 announcement, Tether said it had worked with the DOJ and crypto exchange OKX to freeze $225 million worth of USDT in “external self-custodied wallets.” The firm reported the illicit funds had been used by a crime syndicate responsible for a “pig butchering” romance scam — a technique where bad actors attempt to develop an online relationship with unsuspecting individuals, often convincing them to invest in legitimate businesses before conning them.


According to Tether, the USDT freezing followed a “months-long investigative effort” into the location of the funds between the firm, OKX, the DOJ and U.S. law enforcement agencies. The stablecoin issuer said it would work with U.S. authorities to unfreeze any “lawful” wallets that may have been seized as part of the effort.


“Through proactive engagement with global law enforcement agencies and our commitment to transparency, Tether aims to set a new standard for safety within the crypto space,” said Tether CEO Paolo Ardoino. “Our recent collaboration with the Department of Justice underscores our dedication to fostering a secure environment. We believe in leveraging technology and relationships, such as our collaboration with OKX, to proactively address illicit activities and uphold the highest standards of integrity in the industry.”Impressive work by @Tether_to and @okx teams, alongside with Law Enforcement to stop bad guys https://t.co/P0U8ydP91x— Paolo Ardoino (@paoloardoino) November 20, 2023


Tether has previously worked with global law enforcement agencies to freeze assets allegedly linked to criminal syndicates, such as when the firm coordinated with Israel’s National Bureau for Counter Terror Financing to freeze roughly $873,000 worth of USDT reportedly used for funding terrorist activities in Israel and Ukraine. The latest $225-million freeze appears to be the largest in Tether’s history.


Related:Circle, Tether freezes over $65M in assets transferred from Multichain


Unlike many cryptocurrencies, such as Bitcoin (BTC), which can be held outside the control of anyone but the individual with the private keys, stablecoins like USDT are more likely to be issued by a single authority. As a result, the issuers sometimes can freeze funds and halt transactions in response to requests from law enforcement.


However, crypto moving through exchanges is sometimes subject to the same treatment. In August 2022, Binance said it had restricted account access to $1 million in crypto for a Tezos tool contributor following a request from authorities and similarly froze accounts linked to Hamas militants in October 2023 in response to Israeli law enforcement.


Magazine:US enforcement agencies are turning up the heat on crypto-related crime# Law# United States# Tether# Scams# Stablecoin# RegulationAdd reactionAdd reactionRead moreCan crypto Privacy Pools help balance privacy and regulation?How to manage crypto losses on tax returns in the US, UK and CanadaUS lawmakers introduce CLARITY Act to limit federal ties with Chinese blockchain

News Feed

How The Israel-Iran War Could Shake Crypto Prices, Explains Arthur Hayes
Este artículo también está disponible en español. Arthur Hayes, the co-founder and former CEO of BitMEX, published an essay titled “Persistent Weak Layer” on
Russia, Ukraine Shut Down Several Cryptocurrency Farms
Russia, Ukraine Shut Down Several Cryptocurrency Farms Authorities in Russia and Ukraine have closed down a number of illegal crypto mining facilities allegedly powered by stolen e
‘Pharma Bro’ Martin Shkreli says he helped create the DJT token
Felix Ng8 hours ago‘Pharma Bro’ Martin Shkreli says he helped create the DJT tokenIt comes amid $1.7 million in Polymarket bets on whether Donald Trump or his family members are behind the DJT token.5702 Total views2
Crypto Downturn Floods Market With Rolex and Patek Watches, Trading Platform Says
Crypto Downturn Floods Market With Rolex and Patek Watches, Trading Platform Says The latest troubles in the crypto space have allegedly led to an increased supply of second-hand l
Crypto execs on DeFi domain hacks: Don’t interact with crypto for now
Ezra Reguerra46 minutes agoCrypto execs on DeFi domain hacks: Don’t interact with crypto for nowCoinGecko founder Bobby Ong explained that after Google sold its domain business to Squarespace, two-factor authentication
Twitter Stock Jumps 20% Following Reports the Company Is Weighing the Possibility of Adding BTC
Twitter Stock Jumps 20% Following Reports the Company Is Weighing the Possibility of Adding BTC Buoyed by reports that Twitter has been studying the possibility
Biggest Movers: AVAX Rebounds on Tuesday, AAVE up Over 10%
Biggest Movers: AVAX Rebounds on Tuesday, AAVE up Over 10% Global crypto markets are up over 2% during Tuesday’s session, with AAVE and AVAX two of the biggest tokens to ris
Helen Partz2 hours agoCrypto headcount surges over 100% since 2019 despite implosionsWhile industry giants like Binance hire and lay off thousands of people, other crypto heavyweights like Tether only have 60 employees.8
Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week
Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week Following a volatile weekend of trading, cryptocurrency prices consolidated to start the week, with BTC cl
FTX claim window prices Bitcoin, Ethereum, others below market rates
Amaka Nwaokocha35 minutes agoFTX claim window prices Bitcoin, Ethereum, others below market ratesCryptocurrency users whose assets were affected by FTX’s bankruptcy took to X social platform to express their concerns,
Whale Alert: 200 Million Dogecoin Bought—Is A Price Rally On The Horizon?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Publicly-Listed Bitcoin Miner Argo Blockchain’s Stock Gets Downgraded, Firm Offloads Close to 4,000 Bitmain Miners
Publicly-Listed Bitcoin Miner Argo Blockchain"s Stock Gets Downgraded, Firm Offloads Close to 4,000 Bitmain Miners On Oct. 31, 2022, the publicly-listed bitcoin miner Argo Blockcha