The firm behind USDT has voluntarily frozen over $200 million worth of stablecoins to assist the U.S. Department of Justice (DOJ).
In a new announcement, Tether says they are freezing $225 million in USDT funds in certain Southeast Asian wallets allegedly connected to “pig-butchering” romance scams.
In a pig butchering scam, bad actors form a relationship with a victim online to gain their trust and convince the victim to invest in cryptocurrency platforms that the scammers control. Once the victim has invested a significant amount of money, the con artist disappears with the funds.
The fraudsters refer to their victims as “pigs” because they use elaborate storylines to “fatten up” the victim into believing they are in a close relationship.
According to the announcement, Tether and OKX are assisting the DOJ by freezing the funds of wallets associated with an international human trafficking syndicate behind the alleged scams.
Says Tether CEO Paolo Ardoino,
“Our recent assistance to the Department of Justice underscores our dedication to fostering a secure environment. We believe in leveraging technology and relationships, such as our collaboration with OKX, to proactively address illicit activities and uphold the highest standards of integrity in the industry.”
All the funds frozen were in external self-custodied wallets, according to the announcement.
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