Tether Scammers Stung: US Justice Department Snatches $9 Million in Crypto

"Secret Service's Investigation Disrupts Deceptive Practices as Advanced Techniques Uncover Trail of Laundered Money"

Irish Journalist: Seizure of Cryptocurrency Assets in Cyber Fraud Crackdown

Acting Assistant Attorney General Nicole M. Argentieri has praised the success of a recent operation aimed at halting deceptive practices in the cyber world. The investigative team employed advanced techniques, including “chain hopping,” to trace laundered money through various cryptocurrencies. This method involves moving funds across multiple exchanges and wallets to obscure the trail of illegal proceeds.

The Secret Service’s investigation was greatly aided by victim reports submitted through the Internet Crime Complaint Center (IC3) and the Federal Trade Commission’s Consumer Sentinel Network. These reports played a crucial role in mapping out the fraudulent activities and pursuing the individuals responsible.

Special Agent in Charge Shawn Bradstreet from the USSS San Francisco Field Office emphasized the ongoing commitment to combating cyber-enabled financial crimes. The National Cryptocurrency Enforcement Team, led by Georgiana MacDonald, Chris Kaltsas, and Galen Phillips, is handling the legal actions related to the seizure and forfeiture of assets. Tether, a cryptocurrency company, has cooperated in transferring the recovered assets, highlighting the joint effort between law enforcement and private sector entities in addressing such crimes.

This seizure comes shortly after a coordinated action involving Tether and cryptocurrency exchange OKX, which froze $225 million in USDT linked to a human trafficking ring based in Southeast Asia. These operations highlight the growing trend of collaboration between government agencies and cryptocurrency platforms to target illicit activities in the digital asset space.

The U.S. Secret Service’s tracing efforts demonstrate law enforcement’s increasing expertise in tracking and recovering ill-gotten gains within the cryptocurrency ecosystem. The joint operation with crypto exchange OKX and the Department of Justice aimed at dismantling financial networks behind such scams and aiding in victim recovery. This further emphasizes the growing collaboration between law enforcement agencies and cryptocurrency platforms in tackling illicit activities in the digital asset space.

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Martin Reid

Martin Reid

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