Tether Assists DOJ in Dismantling $52M Crypto Scam Network
The US Department of Justice (DOJ) has credited Tether for its help in dismantling a massive cryptocurrency scam network, marking one of the clearest examples yet of a stablecoin issuer working closely with federal law enforcement.
The case involved Xinbi Guarantee, a Chinese-language marketplace accused of servicing scam centers worldwide. The DOJ's Scam Center Strike Force restrained over $52 million in cryptocurrency linked to Xinbi Guarantee in a single coordinated action.
Tether's assistance was publicly acknowledged by the DOJ, highlighting the company's proactive role in supporting law enforcement efforts. Tether CEO Paolo Ardoino said that the stablecoin infrastructure provides powerful tools for investigators to disrupt and stop illicit financial activity.