© Jakub Porzycki via Reuters Connect
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Cryptocurrency firm Tether has taken a significant step in the fight against cybercrime by freezing $225 million worth of its USDT tokens. The move, announced today, is part of a collaborative effort with cryptocurrency exchange OKX and the Department of Justice (DOJ) to disrupt the financial operations of a Southeast Asian human trafficking group involved in a “pig butchering” scam.
The scam, which has been particularly prevalent in India, deceives individuals by offering false romantic or financial opportunities and then defrauding them. This proactive measure by Tether underscores the company’s dedication to upholding integrity within the digital currency space and preventing its platform from being used for illegal activities.
Paolo Ardoino, CEO of Tether, emphasized the importance of this action in maintaining the standards of integrity that are essential to the cryptocurrency industry. By working alongside law enforcement agencies like the DOJ and partnering with other crypto platforms such as OKX, Tether aims to create a safer environment for users and to deter criminals from exploiting digital currencies for illicit purposes.