Tether Recovers $108.8M in Illicit USDT Transactions

Tether, a leading stablecoin issuer, has announced that it has successfully redistributed over $108.8 million in USDT linked to illicit activities since its inception in 2014. This significant recovery effort highlights Tether's ongoing commitment to enhancing security and integrity within the cryptocurrency market.

In a recent statement, Tether's CEO, Paolo Ardoini, emphasized the company's dedication to supporting law enforcement agencies worldwide in combating the misuse of cryptocurrencies. Over the years, Tether has collaborated with more than 145 law enforcement agencies, facilitating the return of funds to their rightful owners. The firm has voluntarily blocked over 1,900 cryptocurrency wallets associated with illegal activities, reinforcing its proactive stance against financial crime.

The announcement comes on the heels of increased scrutiny regarding the use of cryptocurrencies in illicit transactions. Tether has faced criticism, including a recent report from the United Nations that highlighted the potential for USDT to be involved in illegal operations. In response, Tether has asserted that it actively works to trace and freeze assets linked to criminal activities, having frozen more than $300 million in USDT in recent months alone.

Notably, Tether's efforts have included significant seizures, such as assisting the U.S. Department of Justice in recovering approximately $5 million from scammers involved in a "pig-butchering" scheme. This type of scam has seen a dramatic rise, with romance scams alone reportedly increasing by 85 times since 2020.

As Tether continues to navigate the complexities of the cryptocurrency landscape, its initiatives to combat illicit activity underscore its role as a responsible player in the digital asset ecosystem. By taking swift action against misuse, Tether aims to reinforce trust and safety among users, ultimately contributing to a more secure financial environment.