Tether Leads Major Operation to Seize Illicit $225M USDT in Joint Effort with OKX and DOJ

Nov 20, 2023

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Tether, collaborating with OKX and DOJ, freezes $225M USDT linked to a global human trafficking and scam syndicate.

Tether’s Historic Freeze in Crypto Space

In a landmark move, Tether, the USDT stablecoin’s maker, in USDT tokens. These were linked to a global human trafficking and romance scam syndicate. Subsequently, this collaborative effort with crypto exchange OKX and the U.S. Department of Justice (DOJ) led to the largest-ever USDT token freeze in the ecosystem. Moreover, the operation leveraged Chainalysis’s blockchain tracking tools. It effectively traced illicit funds across various self-custodial wallets.

Unraveling the Pig Butchering Scam

A sophisticated fraudulent scheme, the ‘pig butchering’ romance scam, ingeniously combined romantic deception with bogus investment opportunities. This significantly impacted U.S. investors. Furthermore, according to the FBI, losses from this scam dramatically escalated from $1.45 billion in 2021 to over $3.3 billion in 2022. Consequently, the operation’s success in freezing the funds highlights the increasing need for vigilance. Additionally, it emphasizes the necessity of proactive measures in the crypto industry to combat such elaborate scams.

Tether’s Approach to User Safety and Fairness

Throughout this operation, several legitimate wallets were inadvertently affected. Tether’s commitment to user safety and fair practice is evident as they work alongside authorities to unfreeze these wallets. This balance between combating crime and protecting innocent users is a critical aspect of maintaining trust and integrity in the crypto space.

Collaborative Efforts and Leadership Perspectives

This significant action by Tether, OKX, and the DOJ showcases the power of collaboration in the fight against crypto crimes. Tether CEO Paolo Ardoino and OKX’s Chief Innovation Officer, Jason Lau, emphasized the importance of technology and strong partnerships in tackling these issues. Tether continues to implement strict KYC and AML protocols, reinforcing its commitment to combating suspicious activities in the crypto market.

Tether froze ~225M (37 wallets) linked to a human trafficking group 1 hour ago.

These wallets had been moving before being frozen, with most of the being transferred to .

Check frozen TX here.

— Lookonchain (@lookonchain)

Setting a New Standard in Crypto Security

The operation led by Tether marks a turning point in crypto safety, setting a new standard for security and trust in the digital asset sector. It demonstrates the effectiveness of joint efforts and advanced technology in thwarting sophisticated cyber crimes, paving the way for a more secure and trustworthy digital asset industry.

Impact on the Future of Digital Currency

This groundbreaking operation by Tether not only disrupts a major illicit syndicate but also signals a shift in how digital currencies are policed and protected. It highlights the industry’s ability to self-regulate and adapt, ensuring a safer environment for legitimate users while deterring criminal activities.

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