Crypto News: Tether Helps Authorities Seize $12M in Crypto From Transnational Scam

Tether helps authorities seize $12M in crypto linked to a transnational scam, supporting global efforts to combat financial crimes.

Tether has announced its assistance in helping authorities seize $12 million in cryptocurrency tied to a transnational scam. 

The stablecoin issuer worked alongside the Royal Thai Police and the U.S. Secret Service to recover the funds. This operation emphasizes the role of blockchain transparency in supporting law enforcement efforts against criminal activity.

Tether Collaborates with Authorities for Crypto Recovery

Tether played a significant role in recovering $12 million in USDT linked to a transnational scam across Southeast Asia. The operation involved both Thai and U.S. authorities, demonstrating effective international cooperation. 

Authorities from Thailand’s Technology Crime Suppression Division (TCSD) led the investigation, with Tether providing crucial support in tracing the funds.

The collaboration led to the arrest of 73 suspects, including 22 foreign nationals and 51 Thai citizens. 

In addition to the arrests, crypto assets worth over 522 million baht were seized. The success of this joint operation highlights the importance of partnerships between law enforcement and crypto companies in addressing illicit activities.

Tether CEO Praises Blockchain Transparency in Crime Fighting

Tether’s CEO, Paolo Ardoino, highlighted the importance of blockchain transparency in the success of the operation. He stated that the visibility offered by blockchain technology helps law enforcement respond quickly and efficiently. 

“This operation demonstrates how blockchain transparency can support law enforcement in combating criminal activities,” Ardoino explained.

He also emphasized Tether’s ongoing commitment to supporting global law enforcement agencies. Tether has previously assisted in freezing illicit assets, such as the $225 million in USDT frozen in a major 2023 operation. 

The company continues to engage with law enforcement worldwide to track and recover stolen crypto assets.

Related Reading: Tether Reports $10B Profit and Record $135B in U.S. Treasuries

Thailand’s Continued Efforts to Combat Crypto Crimes

Thailand’s government is doubling down on its efforts to tackle crypto-related scams and fraud. 

Prime Minister Anutin Charnvirakul announced the results of a large-scale operation aimed at stopping financial crimes. The operation led to the seizure of 14 million baht ($432,000) in digital assets from foreign nationals involved in crypto scams.

The operation also targeted individuals connected to a former Cambodian senator, accused of laundering money from online scams. 

The authorities recovered over 400 million baht ($12 million) during the crackdown. This effort shows Thailand’s dedication to addressing financial crimes and protecting citizens from crypto-related scams.

Thailand’s continued focus on fighting financial crime aligns with global trends. Many countries are increasing efforts to regulate and monitor cryptocurrency activity. This ongoing commitment helps build a safer environment for crypto users and reduces the risks of scams.

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