Tether Helps US Seize $1.4 Million in Illegal Funds from Tech Fraud

Bittime - In a move that shows a strong commitment to security and integrity, Tether (USDT) , a leading company in the cryptocurrency industry, has played a key role in helping the United States Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) confiscate Tether tokens ( USDT) worth approximately $1.4 million linked to a tech support fraud ring. The confiscated funds are planned to be returned to the victims of the fraud.

This collaboration marks an important milestone in Tether's efforts to eradicate the use of crypto assets for illegal purposes.

Tether's voluntary support of the DOJ and FBI demonstrates the company's dedication to working with relevant authorities to enforce the law and protect users from fraudulent practices.

Fraud Targets the Elderly

The fraud scheme under investigation targets primarily elderly individuals across the United States. The perpetrators use misleading pop-ups to make victims believe that their computers have been compromised, encouraging them to immediately contact technical support services.

After successfully defrauding victims, the perpetrators manipulate them by making them believe that their bank accounts are in danger.

The perpetrators then used this to convince victims to convert their funds into crypto assets under the pretext of protecting them from hackers. These converted funds are then transferred to virtual wallets controlled by the perpetrators.

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Tether: A Fortress Against Fraud

"We are proud of our collaboration with the United States government in fighting financial fraud in the crypto asset ecosystem," said Paolo Ardoino, CEO of Tether. This seizure of $1.4 million worth of Tether (USDT) is an important step in our ongoing efforts to uphold integrity in this rapidly growing industry.

Ardoino emphasized Tether's commitment to protecting users and eradicating illegal activity. "Our commitment to user security is unwavering. Together with law enforcement agencies around the world, we will continue to lead in creating a safer and more secure environment for crypto asset users," he stressed.

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The Positive Impact of Tether Collaboration on the Crypto Industry

Tether's step in collaborating with US authorities was welcomed positively by crypto industry experts and players.

This collaboration is expected to increase public trust in crypto assets and encourage wider adoption.

This collaboration also shows that crypto companies like Tether are highly committed to fighting illegal activities and protecting users.

This could encourage more and more crypto companies to implement stricter compliance measures and increase transparency in their operations.

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USDT/IDR Tether Price Today

Source: Bittime.com

On March 13, 2024, the price of Tether USDT/IDR was at IDR 15,665 per coin, down 0.50% in 24 hours.

Challenges and Future of Tether

Despite having demonstrated its strong commitment, Tether is still faced with several challenges. One of the main challenges is the lack of comprehensive regulation for crypto assets. This regulatory uncertainty can be exploited by criminals to carry out illegal activities.

Tether needs to continue improving its technology to track and prevent illegal transactions. Apart from that, this company also needs to increase education to the public about various forms of fraud related to crypto assets.

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Conclusion

Tether's collaboration with the US government in eradicating technology fraud is a step that should be appreciated.

These efforts demonstrate Tether's strong commitment to the security and integrity of the crypto industry.

With close cooperation between crypto companies and law enforcement agencies, it is hoped that the crypto industry can develop more rapidly and provide wider benefits to society.

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How to Buy Tether (USDT) on Bittime

You can buy and sell Tether (USDT) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Tether (USDT) is available on Bittime with the USDT/IDR market pair . To be able to buy USDT/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Tether (USDT) on Bittime . 

Monitor price chart movements of Tether (USDT) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.