Tether Assists US DOJ and FBI in Seizure of $1.4 million dollars USDT in Stolen Funds

cryptonews.com:

The U.S. Attorney’s Office in Chicago, Illinois, announced the successful seizure of approximately $1.4 million in Tether (USDT) on March 8, suspected of being proceeds from a fraudulent customer support scam.

U.S. Seizes $1.4 Mil in Cryptocurrency Linked to Alleged Tech Support Scam; Seizure Marks One of the First Times U.S. Has Recovered USDT from an Unhosted Virtual Wallet @FBIChicago @TheJusticeDepthttps://t.co/R1gjzYUOMB

— U.S. Attorney’s Office (NDIL) (@NDILnews) March 8, 2024

Recovery efforts were spearheaded by the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI), with assistance from Tether in facilitating the operation.

According to the U.S. Attorney’s Office, the alleged fraud scheme was initiated through deceptive computer pop-ups claiming the victim’s system had been compromised.

Depending on their operating system, victims were directed to contact purported tech support representatives from Microsoft or Apple. 

Subsequently, victims were misled into believing their bank accounts were compromised, and they were transferred to individuals posing as bank fraud department employees.

Through coercion, victims were persuaded to convert funds from their traditional bank accounts into cryptocurrency, purportedly for safekeeping from hackers.

These funds were then funneled into unhosted cryptocurrency wallets controlled by the perpetrators, impacting victims across the United States, with a notable prevalence among the elderly demographic.

Tether Assists US Government in Seizure of Illicit Funds Linked to Tech Scam

Read more ⬇️https://t.co/l5S9HxPQRB

— Tether (@Tether_to) March 12, 2024

Tether issued  a statement expressing pride in collaborating with the U.S. government to combat