Tether Aids Law Enforcement in Recovering $108 Million in USDT Since 2014

Tether has assisted 145 law enforcement agencies across 40 jurisdictions in recovering over $108.8 million in USDT since its inception in 2014. This was reported in the stablecoin issuer’s blog.

“Tether’s proactive approach to assisting law enforcement underscores its commitment to transparency and accountability in the crypto industry,” the company stated.

According to the announcement, the USDT issuer has also “voluntarily” blocked over 1900 wallets linked to illegal activities to aid law enforcement globally.

“We unequivocally condemn the misuse of USDT or any cryptocurrency for criminal activities. We are fully committed to our ongoing collaborative efforts with law enforcement to combat fraud,” said Tether CEO Paolo Ardoino.

The main focus of the company’s publication was not statistics, but its assistance to the U.S. Department of Justice in the seizure of 5 million USDT from fraudsters involved in a “pig butchering” scheme. The company stated that it froze several wallets and assisted the FBI with asset confiscation.

Earlier, Tether’s net profit reached a record $5.2 billion for the January-June period.

In August, the company announced plans to develop a stablecoin pegged to the United Arab Emirates’ dirham.