Stablecoin Issuer Tether Has Reclaimed Over $108 Million for Victims and Law Enforcement Agencies

• Tether recently assisted the US DoJ in recovering close to $5 million worth of USDT lost in a romance scam.
• It has reclaimed $108 million from scams since it launched in 2014.

Tether, the firm behind the largest stablecoin by market capitalization, USDT, claimed it has helped victims of fraud and law enforcement agencies reclaim $108.8 million worth of USDT since its inception in 2014. The stablecoin issuer can track the flow of its asset, possessing the capability to block wallets from utilizing USDT gained through illicit activity.

In a statement issued on its website, Tether mentioned, “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

Most recently, Tether aided the US Department of Justice (DoJ) in seizing about $5 million from cybercriminals engaging in a pig-butchering scam to collect the proceeds. These scams, also called romance scams, have become a popular means for cybercriminals to wreak havoc. They usually involve scammers finding victims and creating trust by posing as romantic interests over significant periods. Then, the scammers get victims to invest in fraudulent crypto platforms they set up to run away with the funds.

Regarding the case Tether helped the DoJ with, US Attorney Michael Easley said in a press release, “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.”

Tether also works closely with law enforcement to ensure its users are protected from unfortunate events. It has onboarded the FBI and the Secret Service onto its platform to better assist them in recovering funds from fraudsters. Tether’s CEO Paul Ardoino stated, “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.”

The post Stablecoin Issuer Tether Has Reclaimed Over $108 Million for Victims and Law Enforcement Agencies appeared first on Live Bitcoin News.