The U.S. Department of Justice (DOJ) has successfully seized $5 million worth of Tether (USDT) linked to a crypto investment fraud scheme, with significant assistance from Tether.

This seizure is part of a broader effort to combat international crypto scams, commonly referred to as “pig butchering.”

DOJ Thanks #Tether for Helping Recover $5 Million in $USDT pic.twitter.com/CxXIaZvmkE

— Bitcoin Versus Institute of Technology (@VersusInstitute) August 26, 2024

These schemes typically involve criminals gaining victims’ trust through fake romantic relationships and then persuading them to invest in fraudulent crypto platforms.

FBI agents, with help from Tether, tracked the stolen funds across multiple wallets. Tether froze the wallets involved, allowing the DOJ to reclaim the assets.

DOJ Thanks Tether for Assistance in Seizure of $5,000,000 USDT in Fraud Scheme https://t.co/BhwYyLYodi

— The Daily Hodl (@TheDailyHodl) August 25, 2024

This operation is one of several recent efforts by the DOJ to tackle crypto-related fraud and return funds to victims.

This case highlights the growing cooperation between crypto companies and law enforcement agencies to address cybercrime​.

Bitcoin Versus is not a financial advisor. This media platform reports on financial subjects purely for educational and entertainment purposes only. Do your own due diligence and contact a professional financial advisor for any advice on how to invest your money.