Tether Aids US DOJ In The Recovery of $6M in Criminal Crypto Proceeds

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The largest stablecoin issuer, Tether, has been instrumental in the success that authorities in the United States have achieved with crypto scams. The USDT issuer announced earlier that it assisted the US Department of Justice (DOJ) seize up to $6 million in crypto assets from a Southeast Asia-based crypto-confidence scheme.

Markedly, Tether’s ongoing work with law enforcement aligns with its dedication to combating fraud and reflects its commitment to working closely with authorities to protect those in the crypto ecosystem.

Tether Freeze Scammers’ Loot to Assist US DOJ

The scam involved mimicking real crypto businesses to lure unsuspecting investors who ended up putting their funds on the line. In the long run, these investors were defrauded, and the scheme’s perpetrators siphoned their assets. Tether’s role was to freeze the assets as soon as they were discovered.

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This singular act made it easy for the US DOJ to recover the funds quickly. The U.S. Attorney’s Office in Washington, D.C., publicly acknowledged Tether’s assistance in transferring the assets.

Tether Shows Track Record of Collaboration With Authorities

Generally, Tether has played a huge role in helping authorities arrest crypto scammers and recover their loot. Last month, TheCoinrise reported that the stablecoin issuer had helped over 145 law enforcement agencies recover $108.8 million in USDT tied to illegal activities. In its recent report, the firm noted that it has assisted more than 180 enforcement agencies across 45 countries to date.

It also blocked over $1.8 billion USDT and redistributed more than $128 million USDT to its rightful owners and law enforcement. In compliance with the US and other nations’ sanctions, Tether voluntarily blocked over 1,850 wallets connected to illicit activity.

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Binance Assist India’s FIU to Nab Scammers

Leading cryptocurrency exchange Binance also highlighted the pivotal role it played in aiding Indian authorities in cracking down on a significant gaming scam worth $47.6 million. The Richard Teng-led digital asset service provider assisted India’s Financial Intelligence Unit (FIU) in investigating the Fiewin app, which was linked to scams after promising players easy earnings through various online games.

Binance provided the Indian authorities with essential data, which helped them identify key suspects and entities involved in the scam. This further underscored the work that crypto firms are doing in collaboration with law enforcement agencies. Unlike in Tether’s case, where the fund recovery was reported, neither Binance nor the agency has clarified whether the funds have been recovered.