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Tether and OKX have joined forces to help the U.S. Department of Justice (DOJ) with its crackdown on the misuse of cryptocurrency. The two major crypto firms confirmed they have frozen illicit funds that are suspected to have links to a Southeast Asia-based crime syndicate.
Based on the reports, Tether and OKX froze $225 million worth of USDT stablecoin while the DOJ is investigating a case related to the human trafficking ring that is also known as the romance scammers.
Crypto Sector and Law Enforcement Collaborative Efforts to Fight Cyber Crimes
Through the collaboration of the crypto firms, they were able to immobilize multimillion worth of USDT tokens that are feared of being used by a human trafficking syndicate in Southeast Asia. This is said to be the largest freeze in the history of USDT.
In any case, this latest cooperation between the crypto industry and authorities shows their deepening teamwork to stop and fight the use of digital assets in criminal activities. As per CoinGape, the frozen tokens are connected to the “pig butchering” romance scam which refers to a fraudulent scheme that hooks victims into sham romantic relationships and then exploits them for monetary gains.
Tether’s Proactive Engagement to Prevent Unlawful Use of Crypto
CoinTelegraph reported that Tether’s move to freeze the linked stablecoin was the result of a months-long investigation through joint efforts with the DOJ, OKX, and the authorities. It was noted that Tether has been actively working with law enforcement to help them stop criminal rings. Now, this action by crypto groups has set a new benchmark for a combined effort between the crypto industry and the authorities.
“Through proactive engagement with global law enforcement agencies and our commitment to transparency, Tether aims to set a new standard for safety within the crypto space,” Paolo Ardonio, the CEO of Tether, explained in a statement. “Our recent collaboration with the Department of Justice underscores our dedication to fostering a secure environment. We believe in leveraging technology and relationships, such as our collaboration with OKX, to proactively address illicit activities and uphold the highest standards of integrity in the industry.”
Photo by: DrawKit Illustrations/Unsplash
