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Initiated in 2014, Tether has assisted about 145 law enforcement agencies in recovering almost $108.8 million USDT connected to illegal conduct. Emphasizing in a recent remark their commitment to halt the use of cryptocurrencies, Tether CEO Paolo Ardoino said, “Tether remains resolute in its mission to support global law enforcement efforts in combating illicit uses of cryptocurrency.”
Tether has voluntarily destroyed more than 1,900 wallets linked to illicit worldwide activities. Recent examples include Tether’s cooperation with the U.S. Department of Justice (DoJ) to recover $5 million USDT from fraudsters engaged in “pig-butchering,” in which criminals establish trust with victims online before pilfers their money.
With Tether enlisting the FBI and US Secret Service to support the inquiry, the seizure marked a significant success against cyber-enabled fraud. Given the large sums involved, double in revenue year-over-year in 2023, romantic scams—including pig-butchering—were judged to be highly harmful.
Apart from enabling the recovery of money, Tether’s strong approach has helped to prevent future scams. Working closely with authorities, the company monitors dubious behavior and blocks transactions maybe linked to criminal groups. This ongoing collaboration underlines Tether’s commitment to protect the integrity of the bitcoin ecosystem.
Tether also proven useful in March when $1.4 million USDT linked to a customer service scam seized helped to fight crypto-related crime.
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