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Tether has signed an MoU with Kazakhstan's central bank and Alatau City Authority to
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Tether Aids US DOJ in $52 Million Crackdown on Global Scam Network
The US Department of Justice (DOJ) has recognized Tether for its significant role in a recent enforcement action against Xinbi Guarantee, a global network accused of facilitating cryptocurrency fraud, money laundering, and various scam operations. In a statement released on September 11, Tether announced that over $52 million in cryptocurrency had been restrained as part of this operation, which involved the seizure of two Xinbi wallets containing approximately $12 million in vendor payments, along with the restraint of 47 additional wallets suspected of money laundering activities.
Xinbi reportedly operated through the messaging platform Telegram, connecting scam operators with vendors who provided services such as money laundering, fraudulent investment websites, and the recruitment of victims for trafficking. Investigators have traced funds belonging to victims in the United States to vendors associated with this network, highlighting the extensive reach of the scam operations.
Tether has collaborated with more than 340 law enforcement agencies across 67 countries, assisting in over 2,800 cases. The company's efforts have led to the freezing of more than $5 billion in assets linked to illicit activities, including over $2.5 billion through partnerships with US authorities. Recent enforcement actions involving Tether have included the freezing of approximately $225 million in USDT related to a human trafficking and romance scam syndicate, as well as nearly $61 million tied to a cryptocurrency investment fraud scheme.
Tether has committed to continuing its cooperation with US and international law enforcement agencies to combat the misuse of its digital currency, USDT, and to aid in the recovery of assets associated with criminal activities.
Source: KLEA News