8 months ago
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Tether's proactive role highlights its commitment to fighting crypto fraud and protecting users.
Tether, the company behind the world’s largest stablecoin USDT, recently assisted the US Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) in recovering approximately $1.4 million stolen in a tech support scam, according to a recent blog post from Tether.
The seized funds, held in USDT tokens, will be returned to the victims of the fraud. The latest move is part of Tether’s ongoing efforts to combat the misuse of crypto for financial crimes.
As Tether noted, the scam, which is still under investigation, primarily targeted elderly individuals in the US. Scammers tricked victims with pop-up warnings claiming their computers were compromised, leading them to seek fake tech support.
The scammers then manipulated the victims into believing their bank accounts were at risk, prompting them to convert their funds into crypto for “protection.” These funds were ultimately stolen by the scammers, who transferred them to their own wallets.
Paolo Ardoino, CEO of Tether, expressed pride in the company’s collaboration with the US government to combat financial fraud in the crypto space.
“The seizure of $1.4 million worth of Tether (USDT) marks a significant milestone in our ongoing efforts to uphold integrity in this rapidly evolving industry,” Ardoino stated.
“Our commitment to safeguarding users and eradicating illicit activities remains unwavering. Together with law enforcement agencies across the globe, we will continue to lead the charge in fostering a safer and more secure environment,” he added.
It’s not the first time Tether has shown its commitment to fighting financial fraud and illegal activities in crypto. In compliance with US regulations, Tether implemented a policy last December to freeze crypto wallets associated with individuals and entities sanctioned by the US Treasury’s OFAC.
Tether said they’re open to working with authorities to ensure user safety and a healthy crypto ecosystem.
“Tether will continue to voluntarily assist law enforcement agencies to help protect the safety and security of its users and the broader crypto community,” the company stated.
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