Tether Supports Law Enforcement, Resulting in $12 Million Seizure from Transnational Scam Network
Quick Breakdown
- Tether supported a coordinated international operation led by the Royal Thai Police and the U.S. Secret Service.
- The operation resulted in the seizure of approximately $12 million in USDT (about 400 million Thai Baht).
- Authorities also arrested 73 suspects and seized assets worth over 522 million baht.
Tether announced its support for a coordinated international law enforcement operation that led to the seizure of approximately $12 million in $USDT. The operation, conducted by the Royal Thai Police and the United States Secret Service (USSS), successfully traced and seized the funds linked to a massive transnational scam network operating throughout Southeast Asia.
The joint initiative involved Thailand’s Technology Crime Suppression Division (TCSD) under the Ministry of Digital Economy and Society (DES). In addition to seizing $12 million in USDT, authorities arrested 73 suspects, including 51 Thai nationals and 22 foreign nationals, and seized assets valued at more than 522 million baht. This action represents a significant step in the ongoing effort to dismantle sophisticated online fraud and money laundering operations in the region.
The role of Blockchain transparency
Tether’s CEO, Paolo Ardoino, commented that the operation demonstrates how blockchain transparency can empower law enforcement to act quickly and effectively against criminal activity. He emphasized Tether’s commitment to assisting global law enforcement in freezing illegal assets, safeguarding victims, and maintaining $USDT as a transparent instrument for international trade.
The firm’s support in the Thai operation highlights its continued work with global authorities to crack down on crypto-related financial crime. Tether has now worked with more than 290 law-enforcement agencies across 59 jurisdictions, helping freeze over $3.2 billion in assets tied to illegal activity. The company was also previously acknowledged by the U.S. Department of Justice for assisting in a major case that led to the seizure of roughly $225 million in USDT. In March, Tether assisted the U.S. Secret Service in freezing $23 million in illicit funds tied to transactions on the sanctioned exchange Garantex, as well as an additional $9 million linked to the Bybit hack.
Notably, Tether’s USDT stablecoin has now surpassed 500 million users an achievement the CEO says could be one of the biggest moments for financial inclusion in history. It highlights how crypto is helping people who lack access to traditional banking, including everyday users in Kenya who rely on USDT to navigate high local costs and financial instability.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Equity Futures Largely Steady Pre-Bell; Oil Falls Amid Growing Optimism for Middle East Resolution
Valuation drops to a ten-year low! Jensen Huang calls Nvidia the "world's first growth-value stock", but investors don't seem convinced
Nvidia's price-to-earnings ratio has dropped below 17 times, which is only about half of its projected 2025 level. Although revenue and net profit for fiscal year 2027 are expected to grow by 90% and 99% respectively, the company's stock has risen only about 20% this year, significantly lagging behind the Philadelphia Semiconductor Index. Meanwhile, gross margin is expected to decline from 75% in the second quarter to below 72% in the fourth quarter. Rising memory costs and continued pressure from customers developing their own chips, as well as uncertainty over future AI capital expenditures, have become key factors for the market to reassess Nvidia's valuation.
Bitcoin Hashrate Stalls at 934 EH/s — Miners Are Leaving for AI
Crypto prices
More
