Cryptocurrency Firm Tether Freezes $225 Million Linked to Human Trafficking
Cryptocurrency stablecoin firm Tether has voluntarily frozen $225 million worth of its cryptocurrency. This was after it was reported Tether was linked to a human trafficking syndicate in Southeast Asia.
Tether froze the $225 million after the DOJ and the U.S. Secret Service launched an investigation into a human trafficking group that was using Tether for a worldwide “pig butchering romance scam.”
Pig butchering romance scams by definition are “A type of fraud in which criminals lure victims into digital relationships to build trust before convincing them to invest in cryptocurrency platforms.”
According to a Tether press release, authorities were able to track the illicit funds by “analyzing the flow of those funds through the blockchain.”
Crypto firm Tether says it has frozen $225 mln linked to human trafficking https://t.co/cI4WjhiXrW pic.twitter.com/8NIcY0fN9s
— Reuters (@Reuters) November 20,
