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Tether recovered over $100M from Illicit USDT activities
Paolo Ardoino, CEO of Tether
- Tether helped law enforcement recover over $100 million in USDT stolen through scams.
- The scam is pig butchering, and tricks victims into fake online relationships and investments.
Tether 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.”
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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