Ter, the issuer of the stablecoin USDT, has helped more than 145 legal entities recover approximately $108.8 million in USDT associated with illegal activities since its founding in 2014.
In a statement on August 23, Tether CEO Paolo Ardoino announced that the company is committed to working with global legal entities to combat cryptocurrency abuse and strongly condemns the illegal use of USDT or any other cryptocurrency. does
Since its inception, Tether has voluntarily blocked more than 1,900 cryptocurrency wallets that have been linked to illegal activities.
It also recently helped the US Department of Justice recover about $5 million in USDT stolen by fraudsters.These fraudsters have deceived the victims by trying to create a romantic relationship and after winning their trust, they have stolen their money.
This type of fraud is known as pig butchering.
In 2023, criminals’ income from pork butchery scams has more than doubled and has grown 85 times since 2020. According to published reports, these types of frauds cause the most damage to the victims due to the high amounts stolen.
The US Department of Justice explained that after the theft, these funds are moved through digital currency wallets to hide their origin and ownership.
On March 12, it was also reported that Tether had assisted the Department of Justice in seizing approximately $1.4 million in USDT that was suspected to be related to customer service fraud.
