Tether has helped the FBI and the US Department of Justice freeze 1,4 million USDT
The funds will be returned to those affected by the scam
![Tether has helped the FBI and the US Department of Justice freeze 1,4 million USDT](https://storage.getblock.net/source/1/5l9VZvVqLvZ6IoYkRC0vADdgmZkgpIGo.webp)
13.03.2024 - 08:10
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3 min
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What’s new? Tether has helped the FBI and the US Department of Justice (DOJ) seize USDT stablecoins it issued that were involved in fraudulent activity. The joint operation resulted in the seizure of 1,4 million USDT stolen from computer owners through a fake support service. The DOJ publicly thanked Tether for its participation, the seized funds will be returned to the victims of the scam.
What else is known? The fraudulent scheme, which is still under investigation, predominantly targeted senior citizens across the United States. Criminals used pop-ups notifying them that their computers had been hacked, prompting their owners to contact tech support.
The victims were then convinced that their bank accounts were also at risk and to protect their funds from hackers, they needed to convert them into cryptocurrency and transfer them to fraudster-controlled wallets.
Tether CEO Paolo Ardoino emphasized that the company will continue to work with law enforcers around the world to fight fraud in the cryptocurrency ecosystem. “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,” the top executive added.
At the request of the authorities, the company has repeatedly frozen wallets containing criminal funds and assisted in their further seizure. Last July, the company took part in freezing $65 million worth of assets related to the Multichain cross-chain protocol hack. In November, the US Department of Justice was able to seize 9 million USDT previously frozen by Tether.
![Tether offers UN cooperation in developing measures to combat financial crime](https://storage.getblock.net/source/1/tEhvOGXly81C4eA5lh_K0O2S-Zuw2UrZ.png)
Tether offers UN cooperation in developing measures to combat financial crime
The initiative was a response to a UN report on the growing popularity of USDT among criminals in Asia
In December, Tether began voluntarily freezing the wallets included in the US sanctions list without waiting for the relevant orders from the authorities.
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