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Tether Freezes 50 Million USDT: Collaborating with Chainalysis, Binance, OKX and International Law Enforcement Against 'Pig Butchering' Fraud.
Tether freezes 50 million USDT linked to fraud cases Tether, the provider of the cryptocurrency USDT, recently froze 50 million USDT linked to so-called "pig butchering" scams. This move was taken in close collaboration with Chainalysis, Binance, OKX and various global law enforcement agencies. “Pig Butchering” refers to a fraudulent method in which perpetrators specifically target investors and sell them investments in cryptocurrencies or other financial products on the Internet. This scam has increased significantly in recent years, which is why Tether has taken measures to freeze the affected funds in order to punish the perpetrators. Working with Chainalysis, a leading company…
Tether Freezes 50 Million USDT: Collaborating with Chainalysis, Binance, OKX and International Law Enforcement Against 'Pig Butchering' Fraud.
Tether freezes 50 million USDT related to fraud cases
Tether, the provider of the cryptocurrency USDT, recently froze 50 million USDT linked to so-called “pig butchering” scams. This move was taken in close collaboration with Chainalysis, Binance, OKX and various global law enforcement agencies.
“Pig Butchering” refers to a fraudulent method in which perpetrators specifically target investors and sell them investments in cryptocurrencies or other financial products on the Internet. This scam has increased significantly in recent years, which is why Tether has taken measures to freeze the affected funds in order to punish the perpetrators.
Collaborating with Chainalysis, a leading blockchain-based analytics company, enables Tether and its partners to more efficiently track and prevent suspicious transactions. The action is a clear indication of the importance of ensuring user protection and the integrity of the cryptocurrency market.
With this move, Tether is sending a clear message to the cryptocurrency community and underscoring the need to crack down on fraudulent activities. This proactive stance from Tether and its partners could help increase trust in digital currencies and promote investor protection.
Overall, this incident shows the importance of collaboration between cryptocurrency providers and law enforcement to combat fraud and illegal activities in the industry.