March 12, 2024 — Tether, the largest company in the cryptocurrency ecosystem, has played a pivotal role in assisting the United States Department of Justice and Federal Bureau of Investigation, in their seizure of approximately $1.4 million worth of Tether (USDT) tokens from a tech support scam network. The funds will be returned to the victims of the fraud. Tether’s voluntary support of the DOJ and FBI marks another significant effort in its fight against the use of cryptocurrency in the commission of financial fraud.
The U.S. DOJ publicly acknowledged Tether for its assistance in effectuating the transfer of these assets, further underscoring the company’s commitment to upholding integrity within the crypto industry.
The alleged fraud scheme, which remains under investigation, targeted mostly elderly individuals across the United States. Perpetrators used popups to deceive victims into believing their computers were compromised, prompting them to contact tech support. Victims were then coerced into thinking their bank accounts were in danger, leading to funds being converted into cryptocurrency to supposedly protect them from hackers. These funds were transferred into virtual currency wallets controlled by the perpetrators.
“We are proud of our collaboration with the United States government in combating financial fraud within the cryptocurrency ecosystem. The seizure of $1.4 million worth of Tether (USDT) marks a significant milestone in our ongoing efforts to uphold integrity in this rapidly evolving industry,” said Paolo Ardoino, CEO of Tether “Our commitment to safeguarding users and eradicating illicit activities remains unwavering. Together with law enforcement agencies across the globe, we will continue to lead the charge in fostering a safer and more secure environment.”
Tether remains steadfast in its commitment to combating financial fraud and illicit activities in cryptocurrency. The company will continue to voluntarily assist law enforcement agencies to help protect the safety and security of its users and the broader crypto community.
