Tether Worth $9M Tied to 'Pig Butchering' Scams Is Seized by U.S. DOJ
Summary
The U.S. Department of Justice (DOJ) has seized $9 million in tether (USDT) stablecoin associated with a 'pig butchering' scam organization. The funds were tracked by the U.S. Secret Service through several cryptocurrencies via a method called "chain hopping". Tether also froze $225 million of its stablecoin following a joint investigation by the DOJ, crypto exchange OKX, and Tether. The scam involved asking victims, often lured in by traditional romance scams, to send cryptocurrencies overseas. The DOJ warned cybercriminals that law enforcement will continue developing expertise to trace and seize illegitimately earned money.
