Crackdown on Fraud Operation in Southeast Asia
In a significant crackdown on a fraud operation operating within Southeast Asia, the Thai Royal Police, in conjunction with the U.S. Secret Service, has successfully confiscated $12 million worth of USDT stablecoins. This operation led to the apprehension of 73 suspects and included the seizure of additional assets totaling approximately $15.67 million.
Collaboration with Tether
The operation was orchestrated by Thailand’s Technology Crime Suppression Division (TCSD), who worked alongside Tether, the company that issues the stablecoin involved in this case. Tether’s CEO, Paolo Ardoino, expressed that the incident highlights the advantages of blockchain transparency and its pivotal role in aiding law enforcement in their pursuit of perpetrators. He stated that Tether is dedicated to supporting global law enforcement efforts in freezing corrupt assets and safeguarding victims from financial crimes.
Ongoing Collaboration with Law Enforcement
This operation isn’t an isolated event; it underscores Tether’s ongoing collaboration with law enforcement agencies worldwide. To date, the company has partnered with over 290 agencies across 59 different jurisdictions, assisting in the freezing of assets linked to illegal activities amounting to more than $3.2 billion. The current case marks another instance of Tether’s cooperation with the U.S. Secret Service within a year, following previous collaborations to freeze $23 million on a Russian-sanctioned exchange called Garantex and another $9 million in relation to the Bybit hack.
Impact on Cryptocurrency Crime
Overall, Tether has effectively blocked over 3,660 cryptocurrency wallets, which includes more than 2,100 notable cases, reinforcing its vital role in the fight against global crypto-related crimes.
