Paolo Ardoino, CEO of TetherTether just helped claw back over $100 million in USDT linked to scams. The U.S. Department of Justice (DOJ) confirmed the stablecoin issuer’s role in helping law enforcement seize nearly $5 million in stolen USDT.
The funds were tied to a scam called “pig butchering,” which lures people into fake relationships to scam them out of their money.
Victims are tricked into thinking they’re investing in a legit crypto platform, but it’s all fake. These scammers are good—they set up sites that look real, show fake profits, and get people to keep dumping in their cash.
When victims try to get their money out, they’re hit with fake fees or penalties. Tether stepped in by helping the FBI freeze a bunch of wallets tied to this fraud. The Feds needed Tether to track down where the stolen money was going.
Tether’s CEO, Paolo Ardoino, said:
“Tether remains resolute in its mission to support global law enforcement efforts in combating illicit uses of cryptocurrency.”
U.S. Attorney Michael Easley pointed out that people are losing everything, sometimes their entire retirement savings, to these fraudsters. In his words:
“Americans are losing their life’s savings to investment frauds as funds are being rapidly transferred to cryptocurrency accounts overseas.”
