Cryptocurrency Scam Busted: $9M Tether Seized by U.S. Justice

The U.S. Justice Department clamped down on cybercrime and seized nine million dollars in Tether from a cross-national fraud ring on November 21. The group specialized in romance and cryptocurrency scams and defrauded 70 US victims.

According to the U.S. Justice Department, the scam involved fake trading platforms used to scam people before defrauding regular investors of millions of dollars. Through analysis of virtual currency transaction flows, they helped to trace and seize crypto benefits from frauds.

Furthermore, this operation’s success resulted from cooperating with the United States Secret Service, ensuring justice even for scam victims in cryptocurrency centers like Silicon Valley.

The USSS San Francisco Field Office led the investigation, with Trial Attorney Georgiana MacDonald and Assistant U.S. Attorneys Chris Kaltsas and Galen Phillips managing the case. The acknowledgment also recognized Tether’s cooperation in transferring the seized assets.

Cybercrime Foiled: U.S. Seizes $9 Million in International Scam

People who have fallen prey to cryptocurrency scams are advised to document and report such occurrences to the FBI’s Internet Crime Complaint Center (IC3) and the Consumer Sentinel Network of the Federal Trade Commission (FTC).

Furthermore, this seizure is part of a larger US campaign to tackle cryptocurrency-related fraud and crime, expanding on previous attainments, like the Silk Road case in 2020, which resulted in the recovery of 70,000 Bitcoins. According to a recent acknowledgment, the US government has more than $5 billion in seized bitcoin holdings.

The Justice Department’s recent seizure of $9 million in Tether demonstrates its ongoing commitment to combating cyber-enabled financial crime and protecting investors. This incident warns about the risks of Bitcoin investments and underscores the significance of being cautious in digital money.

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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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