Key Takeaways
- Tether assists the US DOJ and FBI in recovering $1.4M in USDT from a fraud scheme.
- The operation shows Tether's commitment to combating financial fraud.
- The scam, targeting elderly victims through fake support ads, led to the loss of their bank funds converted to USDT.
The U.S. Attorney’s Office announced the recovery of $1.4 million in Tether (USDT) suspected of being fraud proceeds.
This effort was a collaboration between the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and Tether.
Tether’s commitment to integrity
Tether expressed pride in their role in the operation, emphasizing their ongoing efforts to combat financial fraud and their commitment to safeguarding users and fostering a safer, more secure cryptocurrency environment.
Scam targeting the elderly
The funds were stolen through a scam targeting mostly elderly individuals, tricking them into transferring bank funds to USDT for “safety.”
This seizure is noted as one of the first instances of the U.S. recovering USDT from an unhosted virtual currency wallet.
