**Tether Assists Thai and U.S. Authorities in Recovering $12 Million USDT in Transnational Crypto Scam**
Tether, the largest stablecoin issuer in the cryptocurrency industry, has announced its valuable assistance to Thai police and U.S. authorities in recovering $12 million worth of USDT. This effort is linked to a transnational scam operating across Southeast Asia.
The company participated in a joint operation involving the Royal Thai Police and the United States Secret Service. Through collaborative efforts, the funds were traced and seized as part of an ongoing crackdown on crypto-related crimes.
**Law Enforcement Successes and Arrests**
The Technology Crime Suppression Division (TCSD) under Thailand’s Ministry of Digital Economy and Society (DES) led the recovery process. As part of this initiative, authorities arrested 73 suspects, including 22 foreign nationals and 51 Thai citizens. The operation also resulted in the seizure of crypto assets valued at over 522 million baht.
**Statements from Tether and Law Enforcement**
Tether’s CEO, Paolo Ardoino, expressed his support for these efforts. He stated, “This operation highlights how blockchain transparency can empower law enforcement to act quickly and effectively against criminal activity.” He emphasized Tether’s commitment to supporting worldwide law enforcement in freezing illicit assets, protecting victims, and ensuring the transparency of USDT benefits global commerce.
Ardoino added, “We are actively collaborating with law enforcement agencies globally to facilitate investigations and achieve multiple seizures of illegal proceeds across various jurisdictions.” The U.S. Department of Justice (DOJ) acknowledged Tether’s contributions, particularly in an enforcement operation in June that recovered approximately $225 million in USDT.
**Global Efforts to Fight Crypto Crime**
Tether’s assistance extended to helping U.S. authorities freeze $23 million linked to transactions on Garantex, a Russian-sanctioned exchange, and an additional $9 million connected to the Bybit hack. Overall, Tether has worked with law enforcement to block more than 3,660 wallets, involving around 2,100 cases in collaboration with U.S. agencies.
The company’s ongoing commitments aim to support international agencies in combating financial crimes involving various crypto assets, including stablecoins. To date, Tether has collaborated with 290 law enforcement agencies across 59 jurisdictions and has frozen over $3 billion in cryptocurrency assets believed to be derived from illicit activities.
**Thailand’s Crackdown on Crypto Scams**
Meanwhile, the Thai government announced it had intensified its own efforts against crypto scams, fraud, and money laundering. Prime Minister Anutin Charnvirakul disclosed details during a press conference on November 10, themed “United Thailand Against Scammers.”
According to the Prime Minister, local police seized digital assets worth approximately 14 million baht (about $432,000) from foreigners, with victims reportedly reimbursed. The operation also led to the arrest of members of a network linked to former Cambodian Senator Ly Yong Phat, accused of laundering money connected to online scams. Overall, the crackdown recovered about 400 million baht (roughly $12 million USD).
Charnvirakul emphasized the importance of public safety and education, urging citizens to stay informed and learn how to protect themselves from cyber-related crimes.
**U.S. Crackdown on Crypto Scams**
This development follows a report by Cryptopolitan on November 13, highlighting the U.S. government’s increased efforts. Agencies such as the Department of Justice (DOJ), FBI, and Secret Service have established a new interagency task force to combat crypto-related scams and investment schemes.
U.S. Attorney Jeanine Pirro revealed that Americans lose over $9 billion annually to these scams, with the actual figure possibly higher due to underreporting. Scammers often target victims through online platforms, social media, and messaging apps, encouraging fraudulent investments in fake crypto projects.
**Stay Informed**
This coordinated effort by international authorities, with critical support from Tether, underscores the importance of transparency and collaboration in combatting crypto crimes. Staying informed and vigilant is essential in protecting yourself from cyber threats and scams in the evolving digital landscape.
*Don’t just read crypto news—understand it.*
https://bitcoinethereumnews.com/crypto/tether-aids-authorities-in-the-arrest-of-73-suspects-linked-to-crypto-crimes/
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