Tether and OKX announce the largest-ever USDT freeze


20 Nov 2023 3:01 PM

The largest-ever USDT freeze was announced by the stablecoin issuer – Tether The freeze was […]...

  • Tether and OKX announced the freeze of 225 million stolen USDT, the largest freeze in USDT's history.
  • The funds were linked to an international crime syndicate involved in a pig butchering scam.
  • Tether conducted the investigation in collaboration with the US Department of Justice.
  • Pig butchering scam is a rising trend in the crypto space, originating in China.
  • Scammers persuade victims to invest in crypto through a malicious app or website, then steal their money.
  • Prior to Tether's action, authorities have taken action against similar scams in the past.
  • OKX has applied for a Hong Kong virtual asset trading platform license, indicating its interest in expanding to the region.

The article highlights the proactive measures taken by Tether to freeze stolen USDT linked to an international crime syndicate involved in a pig butchering scam. It also mentions the rising trend of this scam and the efforts of authorities to combat it. Additionally, OKX's application for a Hong Kong trading platform license indicates its interest in expanding. Overall, the sentiment is a mix of concern over the scam and appreciation for the actions taken.

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You May Ask

What was the amount of USDT frozen by Tether?What type of scam was the international crime syndicate involved in?Which government agency collaborated with Tether in the investigation?Where did the pig butchering scam originate?What is OKX's plan regarding expansion?

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