Millions

<ul>
 <li>Tether's strong ties with law enforcement led to the recovery of millions in USDT, curbing crypto crime globally.</li>  
 <li>Tether's market cap surged by $820M, showing its growing role in securing digital assets and battling crypto fraud.</li>  
 <li>Pig-butchering scams hit hard, but Tether's swift actions with the DOJ froze fraudulent wallets and recovered $5M USDT.</li> 
</ul>  
<p>Tether CEO Paolo Ardoini has restated his commitment to promptly prohibiting the use of cryptocurrencies for illicit activities. In order to <a href="https://cryptonewsland.com/top-4-nft-marketplaces-set-to-lead-digital-asset-growth-in-2024/" target="_blank" rel="noopener noreferrer nofollow">safeguard digital assets</a> and Prevent fraud, he asserted that Tether has maintained tight collaboration with foreign law enforcement agencies. Because of this relationship, millions of USDT have been recovered, and over 1,900 wallet addresses linked to illegal activity have been blacklisted.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Tether_to/status/1827045168643559835
 </div>
</figure>  
<h3 class="wp-block-heading" id="h-major-collaborations-with-law-enforcement"><strong>Major Collaborations with Law Enforcement</strong></h3>  
<p>Tether has worked with more than 145 law enforcement agencies across 40 unique jurisdictions. Their efforts have resulted in the return of millions of USDT to rightful owners and authorities.&nbsp;</p>  
<p>Notably, Tether cooperated with the U.S. Department of Justice (DOJ) to retrieve almost USDT $5 million linked to a fraudulent endeavour called "pig butchering." In this fraud, con artists pose as potential love interests in order to trick victims into investing in phony cryptocurrency platforms.</p>  
<p>Several wallets linked to the scam were frozen as a result of Tether and the FBI working together. As a result, the money that was recovered was taken and forfeited, proving that Tether plays a vital part in preventing <a href="https://cryptonewsland.com/u-s-senators-seek-to-enhance-secret-services-authority-over-crypto-crimes/" target="_blank" rel="noopener noreferrer nofollow">crimes related to cryptocurrencies</a>.</p>  
<h3 class="wp-block-heading" id="h-rising-market-presence-and-continued-vigilance"><strong>Rising Market Presence and Continued Vigilance</strong></h3>  
<p>Another sign of Tether's proactive commitment to avoiding fraud is its growing market dominance. According to <a href="https://coinmarketcap.com/currencies/tether/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>, Tether's market value climbed by $820 million in the previous five days to reach $117.6 billion. This increase shows Tether's increasing influence on the global financial system.</p>  
<p>Romantic scams, such as those involving the butchering of pigs, are on the rise. The money made from these scams increased by 85 times between 2020 and 2023, or about 100%, over the preceding year. <a href="https://www.chainalysis.com/" target="_blank" rel="noopener noreferrer nofollow">Chainalysis</a> found that because large amounts of money were at stake, scams involving the butchering of pigs had the worst effects on their victims.</p>  
<p>The DOJ went on to say that con artists transfer money using <a href="https://cryptonewsland.com/crypto-alert-bull-checker-extension-bypasses-detectors-and-steals-solana-tokens/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency wallets</a> in order to conceal the type, origin, and ownership of the money obtained through fraud. In addition, Tether helped the DOJ on March 12th seize almost $1.4 million USDT, which was thought to be the earnings of a customer service scam.</p> 
<p>The post <a href="https://cryptonewsland.com/tether-and-doj-team-up-to-combat-pig-butchering-scams-recovering-millions/" rel="noopener noreferrer nofollow">Tether and DOJ Team Up to Combat ‘Pig Butchering’ Scams, Recovering Millions</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Tether and DOJ Team Up to Combat ‘Pig Butchering’ Scams, Recovering Millions

Table of Contents

Crypto News Land

Other articles published on Aug 24, 2024

PayPal & Anchorage Launch PYUSD Rewards for Institutions

VET Breaks $0.024 Resistance, VeChain Poised for Gains with NYC Access With Institutional Interest

RFK Jr. Backs Trump as Crypto Market Gains from Fed Easing and Political Shifts

SUN Coin Jumps 470% in a Week: Will the Price Rally Continue?

Ethereum Sees Surge in On-Chain Activity as Institutional Investment Soars

Bitcoin ETF Makes A Strong Comeback, Adds $252 Million Over The Past Day!

Join our free newsletter for daily crypto updates!