Tether Law Enforcement Support Boosted With Over $100M Recovered

Key Points:

• Since 2014, Tether law enforcement support has been strongly boosted by recovering more than $108.8 million in USDT linked to illegal activities.
• Tether recently assisted the U.S. Department of Justice and FBI in seizing nearly $5 million in USDT from a fraud scheme.

Stablecoin issuer Tether law enforcement support is being increased with a recovery of over $108.8 million in USDT tied to illicit activities since 2014.

Read more: Tether Venture Investment Is Being Actively Fueled By Huge Profits

Tether Law Enforcement Support Helped Recover $108.8 Million in Stolen USDT

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.

USDT Market Cap Rises to $117.6 Billion Amid Growing Demand

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.