US DOJ Seizes $9M USDT As Part Of $225M Frozen By Tether In “Pig Butchering” Crypto Scam
Tether froze $225M USDT related to a “pig butchering” crypto scam, and the DOJ just seized $9M of those funds. Here's the latest....
- The US Department of Justice (DOJ) has seized $9 million worth of USDT in connection to a cryptocurrency scam known as "pig butchering".
- The seized funds were part of $225 million worth of USDT that Tether had frozen in wallets connected to the scam.
- The "pig butchering" scam involves scammers creating fake relationships and convincing victims to invest in sham businesses.
- Authorities were able to trace the flow of the laundered cryptocurrency through exchanges using a process called "chain hopping".
- The DOJ acknowledged Tether's help in transferring the seized assets.
- The US government currently controls over $5 billion in seized crypto assets.
- Major cryptocurrency enforcement actions are expected to be announced soon in conjunction with other agencies.
- The seizure highlights increasing oversight of cryptocurrencies to combat fraud and money laundering.
- The pseudonymous nature of crypto transactions presents challenges to authorities in detecting crime and seizing funds.
The article highlights the efforts of the US Department of Justice in seizing funds related to a cryptocurrency scam. It also emphasizes the challenges faced by authorities in detecting and combating crypto-related crimes. Overall, the sentiment is neutral.