© Jakub Porzycki via Reuters Connect
The cryptocurrency company has taken a major step in the fight against cybercrime by freezing USDT tokens worth $225 million. The measure, announced today, is part of a collaboration with cryptocurrency exchange OKX and the Department of Justice (DOJ) to disrupt the financial operations of a group of drug traffickers. Southeast Asian humans involved in “pig butchering” scam.
This scam, particularly widespread in India, involves deceiving individuals by offering them false romantic or financial opportunities, then defrauding them. This proactive move by Tether highlights the company’s commitment to maintaining integrity within the digital currency space and preventing its platform from being used for illegal activities.
Paolo Ardoino, CEO of Tether, highlighted the importance of this action in maintaining the integrity standards that are essential to the cryptocurrency industry. By collaborating with law enforcement agencies like the DOJ and partnering with other cryptocurrency platforms like OKX, Tether aims to create a safer environment for users and deter criminals from mining digital currencies for illicit purposes.
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