The U.S. Department of Justice (DOJ) has revealed that Tether, the issuer of the USDT stablecoin, was instrumental in recovering funds linked to a major cryptocurrency scam.
Nearly $5 million worth of USDT was recently confiscated, with the funds traced back to wallets used in a scam known as “pig butchering.”
This scam involves fraudsters forming fake romantic relationships with victims to convince them to invest in bogus cryptocurrency ventures. The perpetrators tried to obscure the origins of the stolen funds by funneling them through numerous wallets. However, the FBI’s investigative team successfully tracked the transactions across these wallets.
Michael Easley, a U.S. Attorney, stressed the urgency of the situation, noting that funds are often quickly transferred to overseas cryptocurrency accounts, making recovery challenging. “We are determined to reclaim every dollar from these criminals, regardless of their location, and return it to the victims,” Easley said.
The DOJ acknowledged Tether’s significant role in the operation, praising the company for its cooperation. Tether’s CEO, Paolo Ardoino, responded by condemning the misuse of USDT and reaffirming the company’s commitment to supporting law enforcement in fighting cryptocurrency-related fraud.
In a bold move to reshape the future of ApeCoin, Yuga Labs has introduced a proposal that would dissolve the existing ApeCoin DAO and replace it with a streamlined management body called ApeCo.
Circle’s arrival on the New York Stock Exchange sent shockwaves through the market, and Cathie Wood’s ARK Invest wasted no time jumping in.
WazirX’s bid to restructure and compensate victims of a $230 million hack has been rejected by the Singapore High Court, putting the exchange’s recovery roadmap in limbo.
Fundstrat’s Tom Lee believes that lingering caution in the stock market could actually be setting the stage for another bullish breakout.