Tether helps authorities seize $7.8 million in cryptocurrencies

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Tether helps authorities seize $7.8 million in cryptocurrencies
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A joint operation between Dutch and American authorities resulted in the seizure of US$7.8 million in cryptocurrencies, with crucial support from Tether, the world’s largest stablecoin issuer.

The operation aimed to dismantle two cryptocurrency exchanges suspected of money laundering, Cryptex and Pm2btc. Authorities, with the help of Tether, froze wallets linked to criminal activity, disrupting the operations of these platforms.

The Dutch Tax Information and Investigation Service (FIOD), in partnership with the Dutch National High-Tech Crime Unit and the United States Secret Service, led the action against the two exchanges.

These platforms facilitated the conversion of illicitly obtained cryptocurrencies, such as in ransomware attacks, to fiat currencies. Tether acted proactively, providing information and freezing digital assets associated with the investigations.

Tether helps authorities

Paolo Ardoino, CEO of Tether, highlighted the company’s commitment to security in the digital financial market.

“We strongly oppose any criminal exploitation of digital assets and reaffirm our continued collaboration with law enforcement agencies around the world to maintain the security, trust and integrity of the digital financial space,” Ardoino said.

In addition to Tether, Chainalysis, a company specializing in blockchain analysis, also contributed to the operation. The company provided data and insights into cryptocurrency movements. The actions of these companies show the importance of cooperation between the private sector and authorities in the fight against financial crimes in the cryptocurrency space.

Tether has been an important ally in global investigations into money laundering and other crypto-related crimes. The company has collaborated with more than 180 law enforcement agencies across 45 regions, helping to freeze more than $1.8 billion in assets linked to illegal activities. This latest case reinforces Tether’s active role in combating the misuse of cryptocurrencies.

Tether (USDT) stablecoin continues to lead the market with a capitalization of $119.49 billion as of September 2024. Additionally, Tether recently joined forces with Tron and TRM Labs to launch the T3 Financial Crime Unit (T3 FCU), a unit dedicated to combating financial crimes involving cryptocurrencies.

Tether helps authorities seize $7.8 million in cryptocurrencies

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Tether helps authorities seize $7.8 million in cryptocurrencies

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Tether helps authorities seize $7.8 million in cryptocurrencies

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