Tether Helps DOJ Freeze $52 Million in Xinbi Guarantee Marketplace Scam

Tether, the stablecoin issuer, played a key role in the United States Department of Justice's (DOJ) crackdown on the Xinbi Guarantee marketplace. The marketplace, which operated on Telegram and allegedly connected scam operators with vendors offering money laundering and fraudulent investment websites, was restrained for more than $52 million in cryptocurrency.

The DOJ credited Tether for its proactive assistance in the investigation, saying that using digital assets does not put criminal organizations beyond the law's reach. Paolo Ardoino, Tether's chief executive, stated, 'Tether has consistently demonstrated that the stablecoin infrastructure can give law enforcement powerful tools to identify, disrupt, and stop illicit financial activity.'

Tether has collaborated with over 340 law enforcement agencies across 67 countries on more than 2,800 cases, helping freeze over $5 billion in assets linked to illicit activity. The company will continue working directly with the DOJ, the FBI, and the U.S. Secret Service to combat the misuse of USD₮.