JAKARTA USDT stablecoin publisher Tether collaborated with the Federal Bureau of Investigation (FBI) and the United States Department of Justice (DOJ) to confiscate $1.4 million worth of crypto assets (approximately IDR 21.798 billion) in USDT stablecoins. This confiscation is linked to a customer service fraud scheme that has cost many victims.
For additional information, USDT Tether is a stablecoin-type crypto asset, namely a crypto asset whose value is tied or "detched" to stable assets such as a US dollar. This is intended to maintain its value stability. USDT is designed to reduce the volatility that often occurs in other crypto assets. With these stablecoins, investors can maintain their asset value unaffected by extreme price fluctuations.
USDT is often used as a means of exchange and value storage in the crypto ecosystem because of its stable value. Apart from USDT, Tether also issued tokens tied to other currencies such as euros, Chinese yuan, Mexican pesos, and gold. However, USDT is the most widely used stablecoin by crypto users.
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Reported by Coiningape, Tether appreciates the success of cooperation with the US government. The company emphasizes its efforts to combat financial fraud and maintain the integrity of the crypto asset industry. This achievement is an important step for Tether in creating a safe environment for digital currency users amid the rise of crypto fraud cases.
These fraud victims generally target parents through misleading advertisements on the internet. Fraudsters use fake customer service (CS) numbers to manipulate victims. They will direct victims to convert funds to USDT as a "security" measure. However, this actually resulted in victims losing their funds.
The investigation is still continuing in detail, the asset recovery process is still kept secret. However, recent reports say law enforcement managed to track the stolen funds. All of them were narrowed to five different digital wallets.
This case marks an important effort in the fight against fraud involving crypto assets. Tether and US law enforcement agencies show that the cooperation could have a significant impact on protecting victims and fighting financial crime.
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