In a landmark collaboration, Tether ($USDT) and crypto exchange OKX have teamed up with the U.S. Department of Justice (DOJ) to freeze a record $225 million in USDT, linked to a Southeast Asian human trafficking ring involved in global romance scams. 👊
This operation, announced on Nov. 20, represents the largest USDT freeze in history.
The funds, discovered in multiple self-custodial wallets, were identified during an investigation by blockchain analytics firm Chainalysis. Tether and OKX played a pivotal role by alerting the DOJ to suspicious fund movements, leading to the DOJ’s request to freeze the involved wallets.
Tether has clarified that these wallets are not associated with its customers and affirmed the legality of the freeze. The company is committed to collaborating with law enforcement and the wallet owners to resolve the situation. 🚨
Tether has seized around $835 million in assets tied to thefts and other illegal activities in its history.
Paolo Ardoino, CEO of Tether, emphasized the firm’s commitment to preventing illegal crypto usage and enhancing safety standards in the crypto industry. Similarly, OKX’s Chief Innovation Officer, Jason Lau, highlighted the exchange’s dedication to partnering with law enforcement and industry stakeholders to ensure trust and public welfare. 👍