Tether Credited by DOJ for Helping Disrupt Global Crypto Scam Network

The US Department of Justice (DOJ) has publicly thanked Tether for its assistance in disrupting a global crypto scam network. The company's proactive cooperation helped investigators freeze over $52 million in digital assets linked to Xinbi Guarantee, a Chinese-language platform that allegedly operated mainly on Telegram.

Authorities allege that Xinbi connected scam operators with vendors who supplied money-laundering services, fake investment websites, and recruitment of people to work in overseas scam compounds. Investigators also said they followed funds belonging to US victims to vendors connected to the same network.

Tether's ability to freeze tokens at the contract level enabled the speed required for this operation once investigators identified the addresses. The company has worked with over 340 agencies in 67 countries on more than 2,800 matters, including over 1,600 involving US authorities. Those efforts have contributed to freezing over $5 billion in assets linked to suspected crime, of which over $2.5 billion involved US partners.