Key Points:
Read more: Tether Venture Investment Is Being Actively Fueled By Huge Profits
In a recent statement, Tether Chief Executive Officer Paolo Ardoini reaffirmed the backing of Tether law enforcement to take all decisive steps to prevent the misuse of cryptocurrency in criminal activities. He again underlined that Tether works closely with global law enforcement agencies to help avert fraud and secure digital assets.
So far, it has collaborated with more than 145 law enforcement agencies spread over 40 unique jurisdictions. In that process, Tether has blacklisted over 1,900 wallet addresses holding ill-gotten proceeds and returned millions of USDT to their respective owners and authorities.
In a major recent case, Tether cooperated with the U.S. Department of Justice to recover nearly $5 million in USDT that had been filed by a fraudulent scheme known as “pig butchering.” It is when scammers approached victims online under the pretext of a love interest and then conned them into investing in crypto platforms that did not exist.
Tether’s cooperation with the FBI led to the freezing of several wallets associated with the scheme, and subsequently, the money was seized and forfeited.
The comeback of the stablecoin market never leaves Tether’s USDT behind. As per data from CoinMarketCap, its market capitalization rose $820 million in the past five days to $117.6 billion, a number that underlines its increasing presence in the global financial ecosystem.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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