Tether Freezes $225 Million in USDT – What You Need to Know

Tether Freezes Largest USDT Amid Human Trafficking Investigation

Tether, the issuer of USDT stablecoin, has announced the largest ever freeze of USDT tokens due to a joint investigation with US law enforcement agencies targeting a human trafficking organization in Southeast Asia.

USDT Freeze and Collaboration with Authorities

Tether has initiated a large-scale USDT freeze, permanently suspending approximately $225 million USDT in external custodial wallets connected to an international human trafficking organization operating within Southeast Asia.

“Tether has stated it assisted the United States Department of Justice (DOJ) in its enforcement actions against the illicit trafficking organization found to be a global ‘pig butchering’ romance scam,” according to the company’s official release. The investigation was a joint effort by the DOJ, OKX, and Tether, using advanced tools provided by Chainalysis, an American blockchain analysis firm.

Law Enforcement Assistance and Tether’s Response

Tether reported that US law enforcement agencies were actively tracking the location of the illegal organization by analyzing the movement of funds linked to the syndicate through the blockchain. Upon discovering the wallets connected to the cryptocurrency transactions, the DOJ initiated a freeze request to Tether who promptly executed what it deems presently as the largest freeze in the history of USDT.

Tether’s Commitment to Fostering a Secure Crypto Space

Tether has expressed its commitment to continually aid global law enforcement agencies in the eradication of illicit activities in the cryptocurrency space. Paolo Ardoino, CEO of Tether, declared his dedication towards keeping the crypto space safe and upholding transparency. He emphasized the company’s commitment to actively cooperating with law enforcement agencies in apprehending illicit organizations.

“Our recent assistance to the Department of Justice underscores our dedication to fostering a secure environment. We believe in leveraging technology and relationships, such as our collaboration with OKX, to proactively address illicit activities and uphold the highest standards of integrity in the industry. Through proactive engagement with global law enforcement agencies and our commitment to transparency, Tether aims to set a new standard for safety within the crypto space,” Ardoino stated.

Chief Innovation Officer at OKX Jason Lau also emphasized his commitment towards actively contributing to initiatives focused on keeping the safety and the integrity of the crypto space intact.

USDT price remains pegged to US dollar | Source: USDT/USD on Tradingview.com

Featured image from StormGain, chart from Tradingview.com

❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

View J-S Tremblay website

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top