Tether Takes Action Against Human Trafficking

Tether, the issuer of the USDT stablecoin, has taken a major step in its history by initiating the largest USDT freeze. This action is a result of a joint investigation conducted by Tether and US law enforcement agencies targeting a human trafficking organization operating in Southeast Asia.

Tether’s Significant USDT Freeze

The crypto firm, Tether, has permanently suspended approximately $225 million USDT in external custodial wallets associated with an international human trafficking organization in Southeast Asia. This marks one of the largest freezes in history related to USDT.

The United States Department of Justice, assisted by Tether, took enforcement actions against the illicit trafficking organization, which was found to be operating a global ‘pig butchering’ romance scam. Tether collaborated with the DOJ and OKX, a centralized exchange (CEX), and leveraged the advanced tools provided by Chainalysis, an American blockchain analysis firm, to conduct the investigation.

US law enforcement agencies tracked the movement of funds associated with the syndicate through the blockchain to trace the location of the illegal organization. Upon discovering the wallets connected to the cryptocurrency transactions, the DOJ initiated a freeze request to Tether, leading to the largest freeze in USDT history.

Commitment to Eradicate Illicit Activities

Tether expressed its continued commitment to aiding global law enforcement agencies in eradicating illicit activities and the organizations responsible for them, in order to ensure the security of the crypto space. This collaboration with the DOJ exemplifies Tether’s dedication to maintaining a safe environment for the proper growth and development of the cryptocurrency industry.

See also  FBI Seizes $2M in Crypto from March to May 2023: Report

Paolo Ardoino, CEO of Tether, declared his dedication to keeping the crypto space safe and upholding transparency, emphasizing the proactive cooperation with law enforcement agencies in apprehending illicit organizations. Chief Innovation Officer at OKX, Jason Lau, also highlighted his commitment to participating in initiatives focused on maintaining the safety and integrity of the crypto space.

Through proactive engagement with global law enforcement agencies and a commitment to transparency, Tether aims to set a new standard for safety within the crypto space. Lau also emphasized OKX’s commitment to contributing to these initiatives on a proactive basis, in order to build trust and serve the public good as a leader in the crypto industry.

### News source: bitcoinist.com

By Team