In a stunning move revealing the underbelly of cryptocrime, stablecoin firm Tether has frozen $225 million in USDT allegedly stolen by an international human trafficking ring. Working closely with the Department of Justice and crypto exchange OKX, Tether traced and paralyzed wallet funds connected to a Southeast Asian syndicate running “pig butchering” romance scams globally.
Keypoints
- Tether froze $225 million in stolen USDT linked to an international human trafficking syndicate running “pig butchering” romance scams
- The move came after an investigation by Chainalysis and cooperation with the DOJ and crypto exchange OKX
- This is the largest ever freeze of USDT and paralyzed a major criminal operation
- Tether has worked with law enforcement before to freeze illegal funds from terrorist financing and other crimes
- Crypto romance scams are growing rapidly, with $2.57 billion lost in 2022 according to FBI data
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