Bitcoin
$63,009.39-1.06%
Ethereum
$3,176.81-4.51%
Binance Coin
$592.01-2.28%
Solana
$135.79-4.57%
XRP
$0.51444491-1.15%
Dogecoin
$0.14293185-4.96%
Toncoin
$5.26-4.48%
Cardano
$0.45545464-2.73%
Shiba Inu
$0.00002383-3.93%
Avalanche
$34.74-0.29%
Tron
$0.11821845-1.98%
Wrapped Bitcoin
$63,016.30-1.35%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
29
DAYS
19
HR
30
MIN
04
SEC
Policy

Tether Worth $9M Tied to 'Pig Butchering' Scams Is Seized by U.S. DOJ

Tether said Monday it froze $225 million of its USDT stablecoin in light of DOJ investigations.

By Oliver Knight
AccessTimeIconNov 21, 2023 at 3:15 p.m. UTC
Updated Mar 8, 2024 at 5:26 p.m. UTC
(Pixabay)
(Pixabay)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The U.S. Department of Justice (DOJ) said it seized $9 million worth of the tether (USDT) stablecoin linked to an organization that exploited victims through a "pig butchering" scam.

The seizure comes after agents and analysts from the U.S. Secret Service traced victim deposits that were laundered through several cryptocurrencies, a technique the DOJ described as "chain hopping" in its release Tuesday.

Tether froze $225 million worth of its stablecoin on Monday following a collaborative investigation between the DOJ, crypto exchange OKX and Tether itself. Pig butchering is a scam that involves luring victims in with traditional romance scams. The victims are often requested to send cryptocurrencies overseas.

"This seizure should also serve as a reminder to cybercriminals that, although the current landscape of the cryptocurrency ecosystem may seem like an ideal way to launder ill-gotten gains, law enforcement will continue to develop the expertise needed to follow the money and seize it back for victims,” the DOJ said.

Read more: Tether Freezes $225M Linked to Human Trafficking Syndicate Amid DOJ Investigation

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight
Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Follow @OKnightCrypto on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.