US Justice Department Seizes $9 Million in Tether in Major Scam Crackdown
The U.S. Justice Department has seized nearly $9 million in Tether, a cryptocurrency closely tied to the U.S. dollar. This significant move targets an organization allegedly linked to widespread romance and cryptocurrency scams, often referred to as “pig butchering,” affecting over 70 victims.
Tether-Linked Deceptive Web
Investigations revealed a disturbing pattern where criminals targeted individuals, persuading them to invest in fictitious firms and cryptocurrency exchanges. This elaborate ruse involved convincing victims that their investments were yielding returns. However, the reality was starkly different since these platforms did not exist. The U.S. Secret Service’s meticulous work uncovered that these funds underwent rapid laundering through various cryptocurrency addresses and a technique known as “chain hopping.” This method layers criminal proceeds into new cryptocurrency ecosystems, concealing their origin and ownership.
Law Enforcement’s Vigilance and Commitment
Acting Assistant Attorney General Nicole M. Argentieri emphasized the operation’s impact:
“Through this significant seizure, we disrupted the financial infrastructure of an organized network of scammers.”
This action sends a clear message to cybercriminals about the evolving capabilities of law enforcement in tracking and recovering illicitly gained digital assets.
Collaborative Efforts Yielding Results
This operation showcases the collaborative efforts between the Justice Department and the U.S. Secret Service. Moreover, U.S. Attorney Ismail J. Ramsey for the Northern District of California highlighted Silicon Valley’s status as a hub for cryptocurrency firms and the commitment to using all available tools to bring justice to fraud victims.
In addition, Special Agent in Charge Shawn Bradstreet of the USSS San Francisco Field Office reaffirmed the Secret Service’s dedication to protecting the United States financial infrastructure from cyber-enabled financial fraud.
The success of this seizure also owes much to Tether’s cooperation in transferring the assets. This case, led by the USSS San Francisco Field Office and managed by experienced attorneys from the Criminal Division’s Computer Crime and Intellectual Property Section and the National Cryptocurrency Enforcement Team, is a testament to the unwavering efforts to combat financial crimes in the digital age.
Read Also: Binance Settlement Triggers Unexpected Crypto Market Downturn
- CZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1,500%
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- Crypto Market Correction Intensifies As S&P 500, DXY Enter Dangerous Territory
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
