Tether (USDT) Tokens Valued at $9M Confiscated by United States Department of Justice
If you’re in the cryptocurrency world, you need to be vigilant against romance schemes, as the United States Department of Justice (DoJ) recently confiscated $9 Million worth of Tether (USDT) (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 cryptocurrency exchanges or protocols, leaving victims unable to withdraw their funds. The DoJ is committed to tackling illicit activities in the cryptocurrency space and had 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 participation in the investigation, as the digital payment giant facilitated the transfer of the stolen assets. Tether (USDT) had previously frozen $225 Million worth of its stablecoin in a joint investigation with the DoJ and cryptocurrency exchange OKX. In addition, Tether (USDT) is involved in a London court battle over a $1 Billion deposit into a subsidiary of Britannia Financial Group and has announced intends to invest $500 Million in becoming a Bitcoin (BTC) miner by 2024.
Hot Take: The Importance of Anti- Cryptocurrency Scam Vigilance
Cryptocurrency investors must remain vigilant against fraudulent schemes like the “pig butchering” scam, as seen in the recent seizure of $9 Million worth of Tether (USDT) tokens. The collaboration between Tether (USDT) and law enforcement outlines the growing commitment to combating illicit activities in the cryptocurrency space. As the cryptocurrency landscape evolves, it’s critical to stay notified and cautious to protect your assets from sliding victim to such scams.
Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.