Justice Department Announces Seizure of $9 Million in Tether

The post Justice Department Announces Seizure of $9 Million in Tether appeared first on Coinpedia Fintech News

• The Justice Department announced the seizure of $9 million worth of Tether.
• The organization behind the seized funds allegedly exploited over 70 victims through romance scams and cryptocurrency confidence scams, also known as “pig butchering.”
• The criminal actors behind the scams used money laundering techniques, such as “chain hopping,” to launder the victim’s deposits and exchange them for several different cryptocurrencies to obfuscate the nature, source, control, and ownership of those proceeds.

The United States Department of Justice has announced the seizure of $9 million worth of Tether, a cryptocurrency linked to the US dollar, as part of an investigation into an organization accused of exploiting over 70 victims through romance and cryptocurrency confidence scams. The funds were traced to cryptocurrency addresses allegedly linked to the scam, with the department stating that the seizure would bring some closure to the victims affected.