Fun

Tether has ‘redistributed’ $108.8M in USDT from illicit activity since 2014

News Feed - 2024-08-24 10:08:40

Ciaran Lyons7 hours agoTether has ‘redistributed’ $108.8M in USDT from illicit activity since 2014The most recent seizure of $5 million USDT from pig-butchering scams marks a “significant victory” in the ongoing fight against cyber fraud, according to Tether.2429 Total views27 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onStablecoin issuer Tether has helped over 145 law enforcement agencies recover more than $108.8 million in USDT linked to illegal activities since its launch in 2014, according to a recent statement.


“Tether remains resolute in its mission to support global law enforcement efforts in combating illicit uses of cryptocurrency,” Tether CEO Paolo Ardoini wrote in an Aug. 23 statement.


Ardoini claimed that Tether is “fully dedicated” to continue collaborating with law enforcement to combat fraud.“We unequivocally condemn the misuse of USDT or any cryptocurrency for criminal activities.”


Since its launch, Tether has “voluntarily blocked” more than 1,900 cryptocurrency wallets worldwide that have been connected to illicit activity.Tether’s work with law enforcement


Most recently, Tether assisted the United States Department of Justice (DOJ) in seizing approximately $5 million of its Tether (USDT) token from scammers who tricked victims by posing as romantic interests before disappearing with their money in a scam known as “pig-butchering.”


Pig-butchering criminals typically meet their victims online and often spend a lot of time building trust with them to entice them to make larger investments.


Tether explained that the seizure of funds “mark a significant victory in the ongoing battle against cyber-enabled fraud.”


It also noted that the investigation included Tether onboarding the Federal Bureau of Investigation (FBI) and the US Secret Service onto its platform “to effectuate synergy in investigations.”Romance scams becoming a major concern


In 2023, romance scams more than doubled in revenue year-over-year, with data indicating a growth of 85x since 2020, Cointelegraph reported on Feb. 23.


Related:Tether expands USDT to Aptos blockchain for lower fees


Chainalysis believes that pig-butchering scams have the “worst impact on victims of all scam types” due to the average payment size.


“These fake investment platforms display a fictitious investment portfolio with abnormally large investment returns, which is designed to induce the victim to invest more,” the US DOJ wrote in an Aug. 22 statement.


The DOJ explained that once the funds are obtained, they are then moved through crypto wallets to “obfuscate the nature, source, control, and ownership of those fraud proceeds.”


Meanwhile, on March 12, Cointelegraph reported that Tether assisted the DOJ with the seizure of roughly $1.4 million USDT due to suspicions of it being proceeds from fraud via a customer support scam.


Magazine:Beat crypto airdrop bots, Illuvium’s new features coming, PGA Tour Rise: Web3 Gamer# Law# United States# Tether# Stablecoin# RegulationAdd reaction

News Feed

Rakesh Upadhyay6 hours agoPrice analysis 11/22: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAXThe sharp rebound in Bitcoin and select altcoins suggests that bulls remain in charge and continue to buy at lower levels
Crypto PACs are spending big on US elections — What it means for the industry
Robert D. Knight10 hours agoCrypto PACs are spending big on US elections — What it means for the industryPolitical action committees supporting the cryptocurrency industry are raising hundreds of millions of dollars.66
Ethereum’s Hashrate Surpasses Lifetime High as The Merge Gets Closer
Ethereum"s Hashrate Surpasses Lifetime High as The Merge Gets Closer Following the all-time high (ATH) recorded in May, Ethereum’s hashrate has been breaking records again,
Binance executive tracked to Kenya, extradition underway
Amaka Nwaokocha4 minutes agoBinance executive tracked to Kenya, extradition underwayThe Nigerian government is now collaborating with Interpol and the Kenyan Police to bring Arjarwalla to the country to face charges leve
Dogecoin Price Breaks Out Of Bearish Trendline And Enters Ascending Channel Headed For $0.3
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
Brayden Lindrea6 hours agoChatGPT-coded smart contracts may be flawed, could ‘fail miserably’ when attacked: CertiKCertiK’s security chief thinks inexperienced programmers using AI tools such as ChatGPT to write sm
SEC issues Wells notice to DeFi protocol Uniswap
Ana Paula Pereira4 hours agoSEC issues Wells notice to DeFi protocol UniswapThe U.S. SEC issued a Wells notice to the decentralized exchange Uniswap on April 10, the team confirmed on social media.3467 Total views6 Total
Bitcoin dips as ETFs break 19-day green streak, rumble over US inflation
Jesse Coghlan2 hours agoBitcoin dips as ETFs break 19-day green streak, rumble over US inflationTraders are seemingly going risk-off ahead of a U.S. CPI print and a Fed monetary policy meeting, with Bitcoin falling to a
Political Parties in Thailand Voice Opposition to Government Plan to Tax Crypto Gains
Political Parties in Thailand Voice Opposition to Government Plan to Tax Crypto Gains As Thailand prepares to impose a levy on crypto profits, parties on both sides of the aisle ha
Meme Coin Economy Swells by $5.8 Billion in Less Than a Month, Suggesting Demand for Meme Tokens Still High
Meme Coin Economy Swells by $5.8 Billion in Less Than a Month, Suggesting Demand for Meme Tokens Still High The meme coin economy has grown significantly over the past 27 days, inc
Chainlink co-founder expects more coins to have ETFs — Token2049
Ezra Reguerra3 hours agoChainlink co-founder expects more coins to have ETFs — Token2049Chainlink co-founder Sergey Nazarov believes the crypto space will “keep pushing the limits” of what’s possible.808 Total vi
Blacklisted Suex Addresses Received Over $900 Million in Crypto, Report Reveals
Blacklisted Suex Addresses Received Over $900 Million in Crypto, Report Reveals Cryptocurrency addresses allegedly used by Russian exchange Suex, recently placed under U.S. sanctio