The U.S. Department of Justice (DOJ) said it seized $9 million worth of the tether (USDT) stablecoin linked to an organization that exploited victims through a “pig butchering” scam.
The seizure comes after agents and analysts from the U.S. Secret Service traced victim deposits that were laundered through several cryptocurrencies, a technique the DOJ described as “chain hopping” in its release Tuesday.
Tether froze $225 million worth of its stablecoin on Monday following a collaborative investigation between the DOJ, crypto exchange OKX and Tether itself. Pig butchering is a scam that involves luring victims in with traditional romance scams. The victims are often requested to send cryptocurrencies overseas.
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