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FollowingTether was commended by the U.S. Department of Justice for assisting in freezing more than US$52 million in cryptocurrencies involved in the case.
Tether issued a statement on September 11 saying that the U.S. Department of Justice (DOJ) expressed its gratitude for its proactive assistance in major law enforcement operations. The action successfully restricted more than US$52 million in cryptocurrencies associated with the Xinbi Guarantee market.
The approval comes as the U.S. Department of Justice's Fraud Center Commando takes action. Authorities described the platform as a Chinese online marketplace that allegedly connects fraud operators with vendors that provide money laundering services, fake investment websites and recruit victims of human trafficking.
$52 million was frozen in a single day
The U.S. Department of Justice said investigators traced the flow of funds belonging to U.S. victims, which went to relevant suppliers through the network running on the Telegram instant messaging application. As part of the operation, authorities confiscated two new coin wallets used to collect approximately $12 million in vendor payments and sought to restrict another 47 wallets believed to be related to money laundering.
According to the Justice Department announcement cited by the company, this series of coordinated actions ultimately resulted in the freezing of more than $52 million in cryptocurrency. The market is one of many platforms that authorities point out support a global fraud economy that operates mainly in certain campuses in Southeast Asia.
Tether's role and Ardoino's response
Tether said in a statement that the Justice Department "particularly thanked" Tether for "proactive assistance in this investigation" when announcing the operation. "Criminal organizations should now understand that using digital assets does not put them above the law," Tether CEO Paolo Ardoino said. He added: "Tether has consistently demonstrated that stablecoin infrastructure can provide law enforcement with powerful tools to identify, disrupt and deter illegal financial activities."
A growing record of law enforcement cooperation
Tether said it has currently cooperated with more than 340 law enforcement agencies from 67 countries in more than 2800 cases, helping to freeze more than $5 billion in assets related to illegal activity. Recent collaborations include supporting an approximately $225 million seizure involving human trafficking and online dating fraud rings, a nearly $61 million case related to an investment fraud scheme, and a $344 million asset freeze jointly conducted with U.S. authorities.
The company said it will continue to work directly with the U.S. Department of Justice, the Federal Bureau of Investigation (FBI) and the U.S. Secret Service to combat the abuse of USD.
