Cryptocurrency stablecoin agency Tether has voluntarily frozen $225 million value of its cryptocurrency. This was after it was reported Tether was linked to a human trafficking syndicate in Southeast Asia.
Tether froze the $225 million after the DOJ and the U.S. Secret Service launched an investigation right into a human trafficking group that was utilizing Tether for a worldwide “pig butchering romance rip-off.”
Pig butchering romance scams by definition are “A sort of fraud through which criminals lure victims into digital relationships to construct belief earlier than convincing them to spend money on cryptocurrency platforms.”
In keeping with a Tether press launch, authorities have been in a position to observe the illicit funds by “analyzing the circulation of these funds via the blockchain.”
— Reuters (@Reuters) November 20, 2023
Crypto agency Tether mentioned on Monday that it had frozen $225 million value of its cryptocurrency which it mentioned had been linked to a human trafficking group in Southeast Asia.
The U.S. Secret Service requested Tether to freeze the tokens throughout a “months-long investigative effort” by Tether and the crypto alternate OKX, Tether mentioned in a weblog publish, with out giving particulars in regards to the scope or timescale of the investigation.
Tether and OKX collaborated with the U.S. Division of Justice (DOJ) on the investigation, Tether mentioned with out elaborating.
The crypto tokens have been “linked to a world human trafficking syndicate in Southeast Asia chargeable for a world “pig butchering” romance rip-off,” Tether mentioned.
CEO of Tether Paolo Ardoino said, “Our latest help to the Division of Justice underscores our dedication to fostering a safe setting.”
In 2011, the co-founder of Tether, Brock Pierce, was invited to talk at Jeffery Epstein’s Mindshift occasion at Epstein’s island within the U.S. Virgin Islands.
— KAT TALES TV (@KatTalesTV) May 21, 2023
Pierce attended the occasion simply 18 months after Epstein was convicted as a intercourse offender.