Tether Worth $9M Tied to 'Pig Butchering' Scams Is Seized by U.S. DOJ
Tether said Monday it froze $225 million of its USDT stablecoin in light of DOJ investigations....
- The U.S. Department of Justice (DOJ) has seized $9 million worth of the tether (USDT) stablecoin.
- The stablecoin was linked to an organization involved in a "pig butchering" scam.
- The DOJ used a technique called "chain hopping" to trace victim deposits laundered through various cryptocurrencies.
- Tether froze $225 million worth of its stablecoin following a collaborative investigation with the DOJ and crypto exchange OKX.
- Pig butchering is a scam that tricks victims through romance scams and involves sending cryptocurrencies overseas.
- The DOJ emphasized that law enforcement will continue to develop expertise to track and seize ill-gotten gains.
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The sentiment of the article is negative, as it discusses a scam and the seizure of funds related to it.
You May Ask
What is the value of the tether stablecoin seized by the DOJ?How did the DOJ trace victim deposits laundered through cryptocurrencies?Which organizations collaborated in the investigation that led to the freezing of $225 million worth of tether?What is the pig butchering scam and how does it lure victims?What message did the DOJ convey regarding the cryptocurrency ecosystem and law enforcement's efforts?