Finance
Print
Tether Assists US Government in Seizure of Illicit Funds Linked to Tech Scam

March 12, 2024 — Tether, the largest company in the cryptocurrency ecosystem, has played a pivotal role in assisting the United States Department of Justice and Federal Bureau of Investigation, in their seizure of approximately $1.4 million worth of Tether (USDT) tokens from a tech support scam network. The funds will be returned to the victims of the fraud. Tether’s voluntary support of the DOJ and FBI marks another significant effort in its fight against the use of cryptocurrency in the commission of financial fraud.

The U.S. DOJ publicly acknowledged Tether for its assistance in effectuating the transfer of these assets, further underscoring the company's commitment to upholding integrity within the crypto industry.

The alleged fraud scheme, which remains under investigation, targeted mostly elderly individuals across the United States. Perpetrators used popups to deceive victims into believing their computers were compromised, prompting them to contact tech support. Victims were then coerced into thinking their bank accounts were in danger, leading to funds being converted into cryptocurrency to supposedly protect them from hackers. These funds were transferred into virtual currency wallets controlled by the perpetrators.

“We are proud of our collaboration with the United States government in combating financial fraud within the cryptocurrency ecosystem. The seizure of $1.4 million worth of Tether (USDT) marks a significant milestone in our ongoing efforts to uphold integrity in this rapidly evolving industry,” said Paolo Ardoino, CEO of Tether “Our commitment to safeguarding users and eradicating illicit activities remains unwavering. Together with law enforcement agencies across the globe, we will continue to lead the charge in fostering a safer and more secure environment.”

Tether remains steadfast in its commitment to combating financial fraud and illicit activities in cryptocurrency. The company will continue to voluntarily assist law enforcement agencies to help protect the safety and security of its users and the broader crypto community.

latest news

Tether Acknowledged by DOJ for Support in $225M Seizure Linked to Pig Butchering Fraud

18 June 2025 – Tether, the largest company in the digital assets industry, today announced that it has been acknowledged by the United States Department of Justice (DOJ) for its assistance in a major enforcement action involving the seizure of approximately $225 million in USDt. The funds were linked to an extensive “pig butchering” fraud […]

Learn more
Tether Acquires Strategic Stake in Elemental Altus to Deepen Push Into Gold and Hard Asset-Backed Financial Infrastructure

12 June 2025 – Tether Investments S.A. de C.V. (“Tether Investments”), an affiliate of the Tether Group, has announced the acquisition of a substantial stake in Elemental Altus Royalties Corp. (“Elemental”), a publicly listed gold-focused royalty company based in Canada. The investment marks a significant step in Tether’s broader strategy to integrate long-term, stable assets such […]

Learn more
Tether Invests in Shiga Digital to Strengthen Africa’s On-Chain Financial Ecosystem

5 June 2025 — Tether, the largest company in the digital asset industry, today announced a strategic investment in Shiga Digital, a modern platform that offers pan-African access to blockchain-based financial solutions, usable in the real world and easily accessible. Shiga Digital offers virtual accounts, OTC services, treasury management, and foreign exchange (FX) services tailored […]

Learn more
Read all news