DOJ Announces Aeizure of $9 Million of Tether Tied to 'Pig Butchering' Scams
On Tuesday morning, the U.S. Department of Justice announced the seizure of nearly $9 million worth of Tether linked to “pig butchering” scams that On Tuesday morning, the U.S. Department of Justice announced the seizure of nearly $9 million worth of Tether linked to a “pig butchering” scam that exploited over 70 victims....
- The U.S. Department of Justice has seized nearly $9 million worth of Tether linked to "pig butchering" scams that targeted over 70 victims.
- The scammers exploited victims' trust by convincing them they were sending funds to legitimate exchanges and firms.
- The fraudsters used a technique called "chain hopping" to obfuscate the nature of the funds.
- Tether had to freeze $225 million of its stablecoins linked to an international human trafficking syndicate in Southeast Asia.
- The Department of Justice's seizure is part of regulatory advancements happening in the crypto industry.
The article highlights the efforts of the U.S. Department of Justice in seizing funds related to cryptocurrency scams, indicating a positive step towards combating fraud in the crypto industry.