Justice Department Announces Seizure of $9 Million in Tether
The Justice Department announced the seizure of $9 million worth of Tether. The organization behind the seized funds allegedly exploited over 70 victims...
- The United States Department of Justice has seized $9 million worth of Tether, a cryptocurrency, as part of an investigation into an organization accused of exploiting over 70 victims through romance and cryptocurrency confidence scams.
- The criminal actors used money laundering techniques, including "chain hopping," to launder the victims' deposits and exchange them for different cryptocurrencies to hide the source and ownership of the proceeds.
- The seizure is expected to bring some closure to the victims affected by the scams.
- The Department of Justice warned cybercriminals that the cryptocurrency ecosystem is not a safe way to launder illegal gains, as law enforcement will continue to develop expertise to track and seize such funds.
The article highlights the seizure of funds related to cryptocurrency scams and emphasizes the efforts of law enforcement to disrupt such criminal activities. The sentiment is neutral, focusing on the actions taken by the Department of Justice.