Tether Sued for Freezing $42M in Crypto Funds
Two Thai businessmen have sued Tether in a New York district court for allegedly freezing $42.4 million in USDT without a warrant, as part of a broader case tied to a pig butchering scheme.
The plaintiffs claimed that Tether illegally froze the funds in October 2025 following an informal request from US Homeland Security Investigations. Authorities in North Carolina only issued a seizure warrant for the funds later in February 2026.
Thailand is tightening oversight of crypto transfers, including transactions involving self-custodial wallets, as it moves to align with global Anti-Money Laundering standards.
The country's Securities and Exchange Commission (SEC) has issued new Travel Rule regulations requiring digital asset operators to collect information about parties involved in crypto transfer.