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Tether Collaboration With DOJ Freezes $6M In Crypto-Scam Proceeds

Key points:

Tether aids DOJ in $6m crypto-scam asset recovery.
Fraudsters mimic real platforms to deceive investors.
$1.8 billion in illicit USDT frozen by Tether to date.

Tether collaboration with DOJ freezes $6M from a crypto scam, freezing funds before they were laundered. Tether has blocked $1.8B in illicit USDT activities to date.

Tether Collaboration with DOJ in $6M Crypto Scam Recovery

Tether collaborated with the DOJ to freeze over $6 million in funds linked with a Southeast Asia-based cryptocurrency scam. The fraudsters created fake websites to pose as legitimate platforms to deceive investors into putting money in their pockets.

Due to this coordination, the Tether move enabled the law enforcers to recover the money before being transferred into more obscure laundering structures.

Tether Blocks $1.8 Billion in Illicit USDT Activity

Tether has frozen $1.8 billion in USDT connected to illicit activities over the years, as the company’s continuous policy has been that of containing criminal operations: the latest case involved a Southeast Asian scam.

Tether has gone a step further, even partnering with Chainalysis in a bid to help fight the use of its stablecoin in money laundering, fraud, and terrorism financing.

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William

In the fast-paced world of day trading, I've honed my skills for over six years using technical analysis tools and crafting short-term strategies. My expertise isn't from textbooks but from the trenches of online trading communities. I excel at reading chart patterns, applying technical analysis, and mastering risk management. "The market is about probabilities," I declare. As Editor at Coincu, I empower readers with the insights and strategies to conquer the dynamic world of day trading.