Tether Aids US DOJ in $52M Crypto Scam Crackdown, Seizing Over $52 Million

Tether played a key role in helping the US Department of Justice (DOJ) crack down on a major cryptocurrency scam that allegedly involved over $52 million. The Xinbi Guarantee marketplace, which operated through Telegram, was shut down by authorities, who also seized two wallets used to collect around $12 million from vendors.

The crackdown is part of the DOJ's Scam Center Strike Force effort to combat illicit activity in the cryptocurrency space. Tether's proactive assistance in this investigation was specifically acknowledged by the DOJ.

This is not the first time Tether has collaborated with law enforcement agencies on such cases. The company has worked with over 340 agencies across 67 countries, helping freeze more than $5 billion in assets linked to illicit activity.