Categories: News

Tether Voluntarily Freezes 225M USDT in Record-Breaking Anti-Scam Operation

Key Points:

Tether voluntarily freezes 225 million USDT in record collaboration with the DOJ and OKX, targeting a global “pig butchering” romance scam.
The crypto industry’s proactive teamwork with law enforcement, utilizing blockchain analysis, sets a new standard for deterring illicit activities.
Tether showcases commitment with strict safety measures, including KYC and AML protocols.

In a historic move, Tether, a leading cryptocurrency company, and global crypto exchange OKX have cooperated with the United States Department of Justice (DOJ) to execute the largest-ever freeze of USDT tokens.

Tether Voluntarily Freezes 225M USDT in Record-Breaking Anti-Scam Operation 2

Crypto Giants Tether Voluntarily Freezes Freeze 225M USDT

Tether voluntarily freezes approximately 225 million USDT linked to an international human trafficking syndicate in Southeast Asia, orchestrating a global “pig butchering” romance scam.

The joint investigation, powered by blockchain analysis tools from Chainalysis, uncovered the illicit funds’ location. This proactive effort led to a freeze request by the United States Secret Service, and Tether voluntarily freezes according to the procedure. Importantly, the frozen wallets on the secondary market are not associated with Tether’s customers. Any lawful wallets captured by the operation will be promptly unfrozen in coordination with law enforcement.

Global Crypto Industry and DOJ Collaborate Against Crime

This collaboration highlights the cryptocurrency industry’s commitment to working with global law enforcement agencies to combat criminal use. The transparency of blockchain transactions proves to be a robust deterrent to illicit activities, setting a significant precedent for the industry.

Tether’s CEO, Paolo Ardoino, emphasized the company’s dedication to safety within the crypto space, aiming to establish new standards. OKX’s Chief Innovation Officer, Jason Lau, stressed their proactive approach to collaborating with industry stakeholders and law enforcement.

Tether remains committed to swift collaboration with law enforcement and affected wallet owners to resolve concerns regarding lawful wallets impacted by these freezes.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.