The agency behind USDT has voluntarily frozen over $200 million price of stablecoins to help the U.S. Division of Justice (DOJ).
In a brand new announcement, Tether says they’re freezing $225 million in USDT funds in sure Southeast Asian wallets allegedly related to “pig-butchering” romance scams.
In a pig butchering rip-off, dangerous actors kind a relationship with a sufferer on-line to realize their belief and persuade the sufferer to put money into cryptocurrency platforms that the scammers management. As soon as the sufferer has invested a big amount of cash, the con artist disappears with the funds.
The fraudsters seek advice from their victims as “pigs” as a result of they use elaborate storylines to “fatten up” the sufferer into believing they’re in an in depth relationship.
In line with the announcement, Tether and OKX are helping the DOJ by freezing the funds of wallets related to a global human trafficking syndicate behind the alleged scams.
Says Tether CEO Paolo Ardoino,
“Our latest help to the Division of Justice underscores our dedication to fostering a safe atmosphere. We imagine in leveraging expertise and relationships, reminiscent of our collaboration with OKX, to proactively handle illicit actions and uphold the very best requirements of integrity within the trade.”
All of the funds frozen have been in exterior self-custodied wallets, in keeping with the announcement.
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