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 <p class="is-style-lead">The Justice Department said the funds were stolen from over 70 victims who fell prey to a relationship scam, adding that USDT issuer Tether aided the seizure.</p>
 <p>Tether (USDT) tokens worth $9 million were seized by the U.S. Department of Justice (DoJ) from a criminal organization utilizing romance schemes to swindle unsuspecting American investors out of their cryptocurrency holdings.&nbsp;</p>
 <p>The DoJ said the assets rightfully belonged to over 70 victims of a so-called <a rel="noopener noreferrer nofollow" title="“pig" href="https://thebittimes.com/tag/pig.html">“pig</a> <a rel="noopener noreferrer nofollow" title="butchering”" href="https://thebittimes.com/tag/butchering.html">butchering”</a> scam, a fraudulent scheme that involves forming a romantic relationship with a target and eventually convincing them to invest money into unsound platforms.&nbsp;</p>
 <p>The platforms, usually crypto exchanges or protocols, are operated by scammers and users find themselves unable to withdraw their funds after a while.</p>
 <p>Per a Nov. 21 press release, the DoJ plans to dedicate resources to tackling illicit activity and bad actors using crypto for public harm.</p>
 <blockquote class="wp-block-quote">
  <p>This seizure should also serve as a reminder to cybercriminals that, although the current landscape of the cryptocurrency ecosystem may seem like an ideal way to launder ill-gotten gains, law enforcement will continue to develop the expertise needed to follow the money and seize it back for victims.</p> <cite>Nicole M. Argentieri, acting Assistant Attorney General, DoJ criminal division</cite>
 </blockquote>
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 <p>The DoJ acknowledged the help of USDT’s issuer Tether in its investigation, noting that the digital payment giant facilitated the transfer of the stolen assets.&nbsp;</p>
 <p>Tether had earlier disclosed that it froze $225 million worth of its stablecoin in a joint investigation with the DoJ, and crypto exchange OKX, crypto.news reported. The funds were likely linked to the same criminal syndicate.</p>
 <p>In other Tether news, more than $1 billion deposited by the company into a subsidiary of Britannia Financial Group is reportedly at the heart of a London court battle. Tether also plans to become a Bitcoin miner with a $500 million investment earmarked for 2024.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Europe’s Bitcoin miner secures €575m debt financing from Tether
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/doj-captures-9m-in-tether-s-usdt-from-pig-butchering-operation-tbt71137.html">https://thebittimes.com/doj-captures-9m-in-tether-s-usdt-from-pig-butchering-operation-tbt71137.html</a></p>

DoJ captures $9m in Tether’s USDT from “pig butchering” operation

TheBitTimes

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