The post Tether Announces Cooperation with the US Department of Justice – Here are the Details appeared on BitcoinEthereumNews.com.

Tether says it has cooperated with the US Department of Justice (DOJ) to freeze more than $6 million in funds linked to cryptocurrency fraud in Southeast Asia. Scammers reportedly posed as legitimate platforms to deceive investors and funnel funds to illicit wallets. Thanks to Tether’s swift action, the funds were frozen before they could be laundered through complex networks, allowing the DOJ to seize the assets. Tether CEO Paolo Ardoino emphasized the company’s commitment to helping law enforcement. “We stand ready to cooperate with government agencies and provide all the tools necessary to ensure that global bad actors are brought to justice,” Ardoino said. The operation is part of Tether’s broader effort to distance itself from its controversial past. In May, the company joined forces with blockchain analytics firm Chainalysis to further prevent USDT from being used for money laundering, fraud, and terrorist financing. Tether has faced criticism in the past, most notably after a United Nations report linked $17 billion worth of Tether on the Tron blockchain to illegal exchanges. However, the company has become increasingly proactive in combating criminal activity, reporting that it has frozen over $1.8 billion worth of USDT linked to illicit operations to date. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/tether-announces-cooperation-with-the-us-department-of-justice-here-are-the-details/

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Filed under: News - @ September 29, 2024 9:23 pm