Fun

News Feed - 2023-11-22 02:11:00

Turner Wright6 hours agoUS Justice Department seizes 9M USDT amid $225M illicit funds frozen by TetherOfficials reported the seizure was tied to an organization responsible for “pig butchering” romance scams.5673 Total views18 Total sharesListen to article 0:00NewsJoin us on social networksThe United States Department of Justice announced it had seized roughly $9 million worth of USDT (USDT) following Tether freezing funds connected to a criminal organization responsible for romance scams.


In a Nov. 21 announcement, the Justice Department said the seized funds came from “scammers who stole millions from victims across the United States” and were presumably part of Tether’s efforts to freeze $225 million worth of USDT in “external self-custodied wallets” connected to the scam. The funds were allegedly tied to an organization responsible for “pig butchering” romance scams, in which bad actors attempt to develop an online relationship with unsuspecting individuals, often convincing them to invest in legitimate businesses before conning them.


“These scammers prey on ordinary investors by creating websites that tell victims their investments are working to make them money,” said Acting Assistant Attorney General Nicole Argentieri. “The truth is that these international criminal actors are simply stealing cryptocurrency and leaving victims with nothing. [...] Although the current landscape of the cryptocurrency ecosystem may seem like an ideal way to launder ill-gotten gains, law enforcement will continue to develop the expertise needed to follow the money and seize it back for victims.”Cyber Scam Organization Disrupted Through Seizure of Nearly $9M in Cryptohttps://t.co/RRBZk0twNe pic.twitter.com/kVP8f2ogBo— Criminal Division (@DOJCrimDiv) November 21, 2023


According to the Justice Department, analysts with the U.S. Secret Service traced the crypto, which had been laundered through different wallet addresses and exchanges — a practice called “chain hopping.” The U.S. government also acknowledged Tether’s contribution “for its assistance in effectuating the transfer of these assets.”


Related:‘Sodl’ too soon: US gov’t missed Bitcoin gains now total $6B


U.S. officials have previously used their authority to seize illicit funds tied to crypto-related scams and crimes, such as when it took control of roughly 70,000 Bitcoin (BTC) linked to Silk Road in 2020. Crypto firm 21.co reported in October that the U.S. government held more than $5 billion in crypto, according to its analysis of seizures.


On Nov. 21, the Justice Department said it planned to announce “significant cryptocurrency enforcement actions” in coordination with the U.S. Treasury and Commodity Futures Trading Commission. Many speculated that the announcement referred to a reported $4-billion settlement with Binance, in which Changpeng Zhao reportedly plans to step down. 


Magazine:US enforcement agencies are turning up the heat on crypto-related crime# United States# Crimes# Department of Justice# Tether# RegulationAdd reactionAdd reactionRead moreCan blockchain supply the guardrails to keep AI on course?Spot Bitcoin ETF: Why this time is differentCynthia Lummis leads the charge calling for DOJ action against Binance and Tether

News Feed

Binance Forming Crypto Industry Recovery Fund to ‘Reduce Further Cascading Negative Effects of FTX’
Binance Forming Crypto Industry Recovery Fund to "Reduce Further Cascading Negative Effects of FTX" Cryptocurrency exchange Binance is forming an industry recovery fund to “r
Bitcoin In Peril? Expert Warns Of China’s Alleged Scheme To Crash BTC To $40,000
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
Bitcoin options expiry worth $1.5B sets $69K max pain price
Zoltan Vardai12 hours agoBitcoin options expiry worth $1.5B sets $69K max pain priceCan Bitcoin price maintain above its weekly resistance of $69,000 after Friday’s options expiry?9430 Total views11 Total sharesListen
Federal Reserve Bank of Boston and MIT Release Central Bank Digital Currency Research and Open-Source Code
Federal Reserve Bank of Boston and MIT Release Central Bank Digital Currency Research and Open-Source Code The Federal Reserve Bank of Boston and the Massachusetts Institute of Tec
Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus
Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus Exmo, a U.K.-based crypto exchange with extensive presence in Eastern Europe, is pulling out of Russia, Bel
Jesse Coghlan6 hours agoDropbox ditches unlimited storage offering, blaming crypto cloud minersThe storage platform turned to metered storage after discovering its Advanced plan was being used by some for crypto mining a
Analyst Predicts Big Drop For Bitcoin Price As Bearish Pressures Mount After $111,000 ATH
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
Solana Ventures, FTX, and Lightspeed Launch $100 Million Blockchain Gaming Fund
Solana Ventures, FTX, and Lightspeed Launch $100 Million Blockchain Gaming Fund Solana Ventures, the investment arm of the Solana blockchain, FTX, and Lightspeed, a venture capital
Using Bitcoin With Apple Pay: Bitpay Adds Apple Pay Support — Google Pay, Samsung Pay to Follow
Using Bitcoin With Apple Pay: Bitpay Adds Apple Pay Support — Google Pay, Samsung Pay to Follow Bitcoin payments service provider Bitpay has added support for
Conflicting Reports Emerge About SEC Helping Bankrupt Crypto Exchange FTX With Legal Loopholes
Conflicting Reports Emerge About SEC Helping Bankrupt Crypto Exchange FTX With Legal Loopholes The U.S. Securities and Exchange Commission (SEC) reportedly met with crypto exchange
Iran Continues Crackdown on Illegal Crypto Mining, Seizes Hundreds of Mining Rigs
Iran Continues Crackdown on Illegal Crypto Mining, Seizes Hundreds of Mining Rigs Authorities in Iran persist with their efforts to curb unauthorized cryptocurrency mining. The sta
MMA Entertainment Firm UFC to Launch Exclusive NFT Series With Crypto.com
MMA Entertainment Firm UFC to Launch Exclusive NFT Series With Crypto.com On Tuesday, the digital asset exchange Crypto.com announced the launch of the first official Ultimate Figh