The U.S. Department of Justice has successfully seized nearly $5 million in USDT linked to a cryptocurrency scam known as “pig butchering.” This operation was made possible through collaboration with Tether, the stablecoin’s issuer.
The scam, which exploits fake romantic relationships to lure victims into fraudulent investments, attempted to conceal stolen funds through a complex network of crypto wallets. Despite these efforts, FBI analysts managed to trace and recover the assets.
U.S. Attorney Michael Easley highlighted the importance of reclaiming stolen funds, even when criminals operate internationally. Tether’s CEO, Paolo Ardoino, confirmed the company’s assistance in freezing wallets associated with the scam, emphasizing their commitment to combating crypto-related crime.
This case illustrates the growing cooperation between law enforcement and cryptocurrency companies in addressing digital financial crimes. It also serves as a reminder for investors to remain cautious and for the industry to maintain strong security measures.
The successful recovery demonstrates progress in tackling sophisticated crypto fraud schemes, while also highlighting the ongoing challenges in securing the digital asset space.
Tether Aids DOJ in Recovering $5 Million from Crypto ‘Pig Butchering’ Scam
