Tether Reclaimed $108.8 Million From Fraudsters Since 2014

Tether, the firm behind the largest stablecoin by market capitalization, USDT, claimed it has helped victims of fraud and law enforcement agencies reclaim

Stablecoin issuer Tether has announced that it has helped victims of fraud and law enforcement agencies reclaim a total of $108.8 million in USDT since the stablecoin's launch in 2014.

As the issuer of the world's leading stablecoin by market capitalization, Tether has the ability to track the flow of its asset, enabling it to block wallets from utilizing USDT gained through illicit activity.

In a statement on its website, Tether said: “To date, Tether has assisted more than 145 enforcement agencies across 40 jurisdictions, redistributed more than $108,8 million in USDT to its rightful owners and law enforcement, and voluntarily blocked over 1,900 wallets connected to illicit activity in assisting law enforcement globally.”

Tether Reclaimed $5 Million From a Romance Scam

In a recent case, Tether assisted the United States Department of Justice (DoJ) in seizing around $5 million from cybercriminals involved in a pig-butchering scam. The proceeds from the scam were collected by the DoJ.

These scams, which are also known as romance scams, have become a common method for cybercriminals to carry out their illicit activities. Typically, they involve scammers identifying victims and gaining their trust by posing as romantic interests over extended periods of time. Subsequently, the scammers persuade the victims to invest in fraudulent crypto platforms that they set up in order to abscond with the funds.

In a press release regarding the case, US Attorney Michael Easley stated: “In this case one victim lost his entire individual retirement account to a scam. We are clawing back every dollar we can, even when criminals are located abroad. We are determined to seize their illegal proceeds and return money to the victims.”

Working closely with law enforcement to ensure the protection of its users from such unfortunate events, Tether has onboarded the Federal Bureau of Investigation (FBI) and the United States Secret Service onto its platform to further aid them in recovering funds from fraudsters.

“We unequivocally condemn the misuse of USDT or any cryptocurrency for criminal activities. We are fully dedicated to our continued collaborative efforts with law enforcement to combat fraud,” said Tether Chief Executive Officer Paul Ardoino.