Tether Collaborates With FBI and Justice Department To Seize $1,400,000 in USDT From Crypto Wallet

USDT issuer Tether has helped top US government officials seize digital assets from an unhosted crypto wallet.

In a new announcement, Tethersaysit has worked with the FBI and the US Department of Justice (DOJ) to take $1.4 million in USDT from a “scam network.”

Says Paolo Ardonio, Tether’s CEO,

“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. 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.”

According to the announcement, the alleged scheme in question targeted senior citizens in the US, one of the most vulnerable groups to fraud.

According to areleasefrom the Northern District of Illinois United States Attorney’s Office, the crypto seizure was authorized through a court warrant.

“The alleged fraud scheme, which remains under investigation, was initiated by a computer popup that indicated a victims computer had been compromised. The popup directed the victim to contact Microsoft or Apple, depending on the victims operating system, at a certain telephone number. Once on the phone, the perpetrators, posing as tech support employees, informed the victim that the victims bank account had also been compromised.”

Scammers reportedly directed their victims to a fraudulent claims department, which would convince the victims to turn their money into crypto to keep it safe from hackers.

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This article was originally reported on The Daily Hodl.