Tether assists DOJ in freezing $6M tied to crypto fraud case

Tether (CRYPTO:USDT) has assisted the U.S. Department of Justice (DOJ) in freezing over $6 million in assets linked to a cryptocurrency fraud scheme operating in Southeast Asia.

The collaboration is part of Tether’s broader efforts to support law enforcement in addressing illicit activities within the digital asset space.

The fraud involved a scheme that impersonated legitimate platforms, deceiving investors and misappropriating their digital assets.

Tether helped by holding the assets, enabling the DOJ to recover them more efficiently.

The U.S. Attorney’s Office in Washington, D.C., acknowledged Tether's role in the recovery process.

In addition to this case, Tether has been involved in multiple instances of asset recovery over the past year.

These include the seizure of $9 million and $5 million in USDT from separate scams and $1.4 million from a tech support fraud network.

Tether has collaborated with more than 180 law enforcement agencies across 45 jurisdictions globally.

To date, the company has blocked over $1.8 billion in USDT linked to illegal activities and redistributed more than $128 million to relevant authorities and rightful owners.

Tether has also voluntarily blocked over 1,850 wallets associated with fraudulent activities, reflecting its efforts to enhance transparency within the cryptocurrency industry.

“Tether is committed to assisting law enforcement agencies in addressing the misuse of cryptocurrency,” said Tether CEO Paolo Ardoino.

He also emphasised the company's willingness to cooperate with global authorities to help prevent fraudulent activities and assist in asset recovery.

At the time of writing, the Tether price was $0.9998.