Tether Assists DOJ in $52M Global Scam Enforcement Efforts
The U.S. Department of Justice credited Tether for its assistance in an enforcement action that restrained over $52 million in cryptocurrency linked to Xinbi Guarantee, a Chinese-language network accused of providing services to scam centers and organized criminal groups.
Xinbi Guarantee operated through Telegram, connecting scam operators with vendors offering services like money laundering, fraudulent investment websites, and the recruitment of trafficking victims for work in scam compounds. Investigators traced funds belonging to U.S. victims to vendors operating through the network.
The authorities seized two cryptocurrency wallets used by Xinbi to collect vendor payments that collectively held approximately $12 million, and sought the restraint of 47 additional wallets believed to be associated with money laundering activity.