Tether Assists in Major International Operation to Seize $12 Million in USDT Linked to Fraud Network

TLDR

• Tether supported a major operation that seized 12 million USDT, valued at 400 million baht.
• The joint operation led to the arrest of 73 suspects, including 22 foreign nationals.
• Authorities confiscated over 522 million baht in assets during the operation in Southeast Asia.
• Tether has assisted in blocking illicit funds and facilitating digital asset seizures globally.
• Tether’s efforts have led to freezing over $3.2 billion in illicit assets across 59 jurisdictions.

Tether has provided support in a coordinated international operation between the Royal Thai Police and the U.S. Secret Service. The operation led to the seizure of approximately 12 million USDT, valued at roughly 400 million Thai baht. This action dismantled a major transnational fraud network operating across Southeast Asia. The collaborative effort targeted online fraud and money laundering schemes connected to the digital asset industry.

Key Operation Details

The operation, which was led by Thailand’s Technology Crime Suppression Division (TCSD) under the Ministry of Digital Economy and Society, resulted in the arrest of 73 individuals. Among them, 22 were foreign nationals, while the remaining 51 were Thai citizens. Authorities also confiscated assets worth over 522 million baht, further disrupting the operations of the criminal network.

The seizure of USDT is part of an ongoing effort to combat illicit activity in the digital asset space. The operation marks a significant step in addressing the growing concern over fraud and money laundering tied to cryptocurrencies and other digital assets.

Tether’s Role in Combating Financial Crime

Tether’s involvement in this case underscores its ongoing commitment to assisting law enforcement agencies around the world. In recent months, Tether has worked with several agencies to block illicit funds and facilitate the seizure of digital assets tied to criminal activity. In addition to this Thai operation, Tether has assisted in major law enforcement actions, including a significant seizure involving $225 million in USDT last year.

Tether’s efforts are aligned with its broader strategy of ensuring transparency and accountability in the digital asset sector. The company has been proactive in working with more than 290 law enforcement agencies across 59 jurisdictions, resulting in the blocking of over $3.2 billion in illicit assets. This cooperation is crucial in reducing the potential misuse of digital currencies. This operation is another example of Tether’s ongoing collaboration with international law enforcement. The company continues to assist authorities in freezing illicit assets, protecting victims, and strengthening the integrity of blockchain-based financial systems.

The post Tether Assists in Major International Operation to Seize $12 Million in USDT Linked to Fraud Network appeared first on Blockonomi.