Tether Voluntarily Freezes $225 Million USDT

Image credit: CoinGape Novermber 21, 2023

Tether Cooperates with US Law Enforcement in Trafficking Probe

[{"selector":"#anim-6d74ac34-394c-4f0a-85fb-aefa64a30c1c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-05069223-ab79-4450-a3e8-b895ff586e3d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] In the stolen token trafficking case, Tether extended support to US Law enforcement. The stablecoin issuer Tether voluntarily froze $225 million USDT. Image Credit: CoinGape

US Department's Investigation into Trafficking

[{"selector":"#anim-ac6a67c2-2e2d-4aa8-95f6-14fde6f42baf","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1acb974d-570a-426e-beca-cd5c9f55a532","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The U.S. Department of Justice (DOJ) had been investigating the Southeast Asia-based syndicate for months using blockchain analysis tools from Chainalysis. Image Credit: Business Today

Tether, OKX Decision After Month-Long Investigation

[{"selector":"#anim-4aa0b1de-8a1d-4055-85b2-45e4f09edd9f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9a9e0fc9-e85b-4346-8e79-77bbd02253fc","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Tether, OKX with DoJ conducted a month-long investigation, for illicit funds flow from blockchain, popular as "pig butchering' and froze those acocunts. Image Credit: CoinGape

What Will Happen To Frozen Wallets?

[{"selector":"#anim-d4a99433-964e-4378-ba66-78cfff2f6976","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-63e53519-328f-4543-bb12-14424bb18611","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The frozen wallets are on the secondary market and are not associated with Tether’s customers. In addition, Tether said they'll work quickly with law enforcement and the owners of the froze wallets to unfreeze them. Image Credit: Ailtra

Tether-OKX's Teamwork In Against Crypto Fraud

[{"selector":"#anim-cde24036-d7b0-41d3-8b5e-b2c090bed2d4","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0a129306-ec13-46ca-a608-0db657cad258","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Tether said, this step is an example how, crypto players can work together and take a stand against the frauds, illicit fundings. Collaboration with global law enforcement agencies sets a significance in detering criminal use. Image Credit: Pinterest

What Is Pig Butchering Scam?

[{"selector":"#anim-90c38c55-7bc4-480c-9c62-0873a8d314fb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] I In details, the illicit operation was connected to the “pig butchering” scam which reportedly cost U.S. citizens $3.3 billion last year through sophisticated fake investment schemes. Image Credit: CoinGape

Rising Crypto Scams is Major Concern & Need Laws

[{"selector":"#anim-7b34e5a0-a502-48b7-b1b5-95eb11b8f9af","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a9ccf5c3-68cd-40ef-9c04-15c805453495","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] I After the illicit fundings with Tether and currnet crypto scams, many Crypto analysts and experts raised concerns, saying Crypto Terrorism is real and need proper laws for protection. Image Credit: CoinGape More Stories...