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Justice Department Seizes $9M in Tether Linked to Romance Scam

CryptoJustice Department Seizes $9M in Tether Linked to Romance Scam
The Justice Department has seized nearly $9 million in Tether, a USD-pegged cryptocurrency, linked to an organization conducting romance and cryptocurrency scams, known as “pig butchering.” The scammers, exploiting over 70 victims, created fake websites to lure investments. Acting Assistant Attorney General Nicole M. Argentieri emphasized disrupting the financial network of these scammers, underscoring that law enforcement will trace and recover ill-gotten gains. The funds were laundered through various cryptocurrency addresses using a technique called “chain hopping.” The seizure resulted from collaboration between the Justice Department and the U.S. Secret Service. U.S. Attorney Ismail J. Ramsey highlighted Silicon Valley’s commitment to combating fraud in the cryptocurrency space. Special Agent in Charge Shawn Bradstreet stressed the Secret Service’s dedication to safeguarding the country’s financial infrastructure. Tether assisted in transferring the seized assets. Victims are urged to report cryptocurrency scams to the FBI’s Internet Crime Complaint Center (IC3) and the Federal Trade Commission (FTC).

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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