USDT issuer Tether has helped top US officials seize digital assets from an unhosted crypto wallet.
In a new announcement, Tether says it has worked with the FBI and the US Department of Justice (DOJ) to seize $1.4 million in USDT from a “scam network.”
Says Paolo Ardonio, CEO of Tether,
“We are proud of our partnership with the US government in combating financial fraud within the cryptocurrency ecosystem. The $1.4 million seizure of Tether (USDT) marks an important milestone in our ongoing efforts to maintain integrity in this rapidly evolving industry. Our commitment to protecting users and rooting out illegal activities remains steadfast. Together with law enforcement agencies around the world, we will continue to lead the way in promoting a safer environment.”
According to the announcement, the alleged scheme in question targeted US seniors, one of the most vulnerable groups to fraud.
According to a release from the Northern District of Illinois Attorney’s Office, the crypto seizure was authorized via a court order.
“The alleged fraud scheme, which remains under investigation, was initiated by a computer pop-up indicating that a victim’s computer had been hacked. The pop-up instructed the victim to contact Microsoft or Apple at a specific phone number, depending on the victim’s operating system. Once on the phone, the perpetrators, posing as technical support employees, informed the victim that the victim’s bank account had also been hacked.”
Scammers are said to have referred their victims to a fraudulent claims department, which would convince victims to convert their money into crypto to protect it from hackers.
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