Largest Ever USDT Freeze: Tether Freezes $225 Million Amid DOJ Investigation

Largest Ever USDT Freeze: Tether Freezes $225 Million Amid DOJ Investigation

Joint Freeze of USDT Tokens

Tether (USDT) and Okx recently collaborated with the United States Department of Justice and froze $225 Million in USDT tokens following a joint investigation. The joint investigation used analytics tools from blockchain analysis firm Chainalysis. The action by Tether (USDT) represents the largest-ever freeze of USDT in history. After months of investigation, Tether (USDT), Okx, and law enforcement agencies identified the locations of the illicit funds. According to an analysis by Lookonchain, Tether (USDT) froze 37 wallets linked to a human trafficking group on Monday.

Potential Impact of Increasing Cryptocurrency Prices on Celsius Creditors: Analysis

Frozen Wallets on the Secondary Market

Tether (USDT) argued that the frozen wallets are on the secondary market and are not associated with Tether’s (USDT) customers. To the extent lawful wallets were captured by this operation, Tether (USDT) will work quickly with law enforcement and the owners of those wallets to unfreeze them. In October, Tether (USDT) froze 32 addresses linked to suspicious operations in Israel and Ukraine.

Latest Cryptocurrencies: Wagon Network, Pulse Inu, and yPredict Launches, Listings, and Presales

Rise of Cryptocurrency Scams

Pig butchering cryptocurrency scams have been on the rise universally. In April in the year, the United States Department of Justice confiscated digital currency worth $112 Million in a pig butchering scam crackdown. Past week, the Internal Revenue Service (IRS) warned that United States taxpayers are as of now the most targeted population for pig butchering schemes.

Hot Take: The Impact of the USDT Freeze

Tether (USDT) and Okx are taking a proactive stance in the fight against illicit activities and scams. Their collaboration with the United States Department of Justice led to the freezing of $225 Million in USDT tokens, representing a whole lot of effort to curb human trafficking and cryptocurrency scams. The growing number of these illicit activities outlines the importance of such preventative measures in strengthening the overall security and integrity of the digital currency ecosystem.

Proposal to Fix Bug Exploitation of Ordinals Spamming Bitcoin Network, Claims Developer
Author – Contributor at | Website

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

What’s Next as Whale Transfers 24 Million XRP Amidst Price Plunge Below $0.62?
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!

Email me the hottest Crypto news!

Latest Crypto News

Share via
Share via