Tether Tokens Valued at $9M Seized by U.S. Department of Justice
If you’re in the crypto world, you need to be vigilant against romance schemes, as the U.S. Department of Justice (DoJ) recently seized $9 million worth of Tether (USDT) tokens from a criminal organization that used these scams to target over 70 victims. The “pig butchering” scam involves forming a romantic relationship with a target and then convincing them to invest in fraudulent platforms, often crypto exchanges or protocols, leaving victims unable to withdraw their funds. The DoJ is committed to tackling illicit activities in the crypto space and has stated that law enforcement will continue to develop expertise to follow the money and return it to victims.
Tether-Backed Seizure and Collaboration
The DoJ acknowledged Tether’s cooperation in the investigation, as the digital payment giant facilitated the transfer of the stolen assets. Tether had previously frozen $225 million worth of its stablecoin in a joint investigation with the DoJ and crypto exchange OKX. Additionally, Tether is involved in a London court battle over a $1 billion deposit into a subsidiary of Britannia Financial Group and has announced plans to invest $500 million in becoming a Bitcoin miner by 2024.
Hot Take: The Importance of Anti-Crypto Scam Vigilance
Crypto investors must remain vigilant against fraudulent schemes like the “pig butchering” scam, as seen in the recent seizure of $9 million worth of Tether tokens. The collaboration between Tether and law enforcement highlights the growing commitment to combating illicit activities in the crypto space. As the crypto landscape evolves, it’s crucial to stay informed and cautious to protect your assets from falling victim to such scams.
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