The U.S. Department of Justice (DOJ) announced the move as part of a broader civil forfeiture case. In total, $2 million worth of digital assets were linked to funding terrorist organizations. Tether acted swiftly upon receiving alerts from law enforcement, freezing the funds and reissuing them through legal procedures. 

Tether’s Fight Against Global Crypto Crime 

Over the past year, Tether has collaborated with numerous law enforcement agencies worldwide. For example, in Brazil, Tether froze $6.2 million (R$32 million) related to a money laundering scheme via the Klever Wallet platform. 

In June, the U.S. DOJ commended Tether for assisting in the seizure of $225 million in USDT. In March, the company froze $23 million in funds held on Garantex, a Russian exchange under sanctions. It also played a key role in freezing $9 million following the Bybit hack. 

As of today, Tether has worked with over 275 law enforcement agencies across 59 countries. It has frozen more than 5,000 wallets—2,800 of them in coordination with U.S. institutions. 

Tether Freezes $2.9 Billion in USDT with Full Transparency 

Tether has frozen over $2.9 billion in USDT to date. The company actively cooperates with more than 275 enforcement bodies in 59 countries. It uses the OFAC SDN list and national regulations to rapidly block suspicious funds. 

CEO Paolo Ardoino emphasized the role of blockchain transparency: 

“Blockchain enables Tether to detect misuse in real-time. Unlike traditional systems where illicit flows stay hidden, USDT-based movements are openly traceable.” 

Ardoino also reaffirmed Tether’s commitment to supporting law enforcement and ensuring the safety of the digital asset ecosystem. Tether has been involved in seizing $2.5 billion in operations with the U.S. Secret Service and DOJ. 

According to an on-chain analysis report published in May 2024, Tether froze $5.2 million related to phishing and fraud schemes and $1.6 million in terror-related transactions.

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Why Was the eXch Exchange Targeted? 

Operating since 2014, eXch allowed transactions without user identity verification (KYC), making it attractive to cybercriminals. The BKA reports that the exchange facilitated $1.9 billion in transaction volume, enabling money laundering and hack-related activities. Connections were identified with the $1.4 billion Bybit hack and the Genesis Creditor theft. The operation resulted in the seizure of the platform’s servers and 8 terabytes of data. 

Operation Details 

Germany collaborated with international law enforcement agencies. The seized assets include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dash. This marks the third-largest cryptocurrency operation in BKA history. The platform has been completely shut down, and user data is now in the hands of authorities. This development highlights the accelerating global fight against crypto crimes. 

This operation serves as a clear warning to cryptocurrency exchanges. Platforms that fail to comply with KYC and AML regulations are on the authorities’ radar. Blockchain security and regulatory compliance are now more critical than ever. Germany’s move could set a precedent for other countries. 

Senior prosecutor Benjamin Krause, commenting on the seizure, emphasized “the importance of acting against fast and anonymous opportunities for money laundering of any amount.” 

“Crypto swapping is a fundamental component of the underground economy. It is used to conceal criminal proceeds from illegal activities such as hacking or trading stolen payment card data, thereby enabling perpetrators to access these funds,” he said. 

Authorities are leveraging technology to eliminate the anonymity advantage for criminals. Cryptocurrency users, meanwhile, should prioritize trusted and regulated platforms. 

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