Tether Helps DOJ Restrain $52 Million in Crypto Linked to Global Scam Network

TL;DR

• Tether assisted the U.S. Department of Justice in restraining more than $52 million in cryptocurrency linked to Xinbi Guarantee, a network accused of supporting scam centers and organized crime.
• Authorities seized two wallets containing about $12 million and sought restraints on 47 others.
• The case shows how blockchain transparency and cooperation between crypto firms and law enforcement can help trace and recover illicit funds.
  

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Tether has assisted law enforcement agencies in hundreds of investigations involving illicit cryptocurrency activity. According to the company, its cooperation has contributed to the freezing of more than $5 billion in assets linked to suspected criminal activity worldwide.

The DOJ’s Scam Center Strike Force said the funds were restrained in a coordinated action targeting Xinbi Guarantee, a Chinese-language network that allegedly connected scam operators with vendors offering money laundering services, fraudulent investment websites and other criminal support.

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