Tether helped the US DOJ and FBI recover $1.4 million in stolen funds.
The United States Attorney's Office in Chicago, Illinois announced the seizure of approximately $1.4 million in Tether (USDT) on March 12. The money is suspected to have been obtained through a customer support scam.
Recovery efforts were led by the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI). Teter assisted in the operation, according to the U.S. Attorney's Office.
In a press release from Teter:
“We are proud of our partnership with the United States government in fighting financial fraud in the cryptocurrency space. The seizure of $1.4 million worth of Tether (USDT) is a major milestone in our efforts to maintain integrity in this fast-growing industry. We are committed to protecting users and eradicating illegal activity.” Our commitment is unwavering. We will continue to lead the charge by working with law enforcement agencies around the world to promote a safe and secure environment.
The money was stolen in what the prosecutor's office said was a customer support scam that mostly targeted the elderly.
Victims were approached by pop-up ads on their computers. The ad claimed to have compromised the victim's computer and provided them with a fake customer support number to contact. After calling the number, they were told their bank account had also been compromised and were transferred to another scammer who pretended to be a support agent.
The victims were then instructed to transfer their bank funds to USDT to keep it safe. At that point, the victims lose control of their tokens and are expected to be disconnected by the fraudsters.
According to the prosecutor's office, this seizure marks one of the first times the US dollar has recovered from an unhandled wallet.
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It's unclear how the money was recovered as the investigation continues, but an affidavit filed on January 24 appears to indicate that law enforcement agents were able to trace the money to five separate wallets.
The document states that the suspected wallets contained assets derived from money laundering and were transferred in relatively small amounts of currency through a series of intermediate addresses for no apparent purpose. Earned Money”
