The U.S. Department of Justice Seizes $9 Million in USDT Linked to “Pig Butchering” Scams
Key Points:
- The U.S. Department of Justice (DOJ) has confiscated $9 million worth of the USDT stablecoin.
- The seizure is related to organizations involved in “pig butchering” scams, where victims were exploited.
- USDT, or Tether, is a popular stablecoin with a value pegged to the U.S. dollar.
- The funds seized represent ill-gotten gains from the fraudulent activities committed.
Details of the Seizure:
The DOJ has taken action against organizations that preyed on innocent victims through “pig butchering” scams. These scams typically involve convincing individuals to invest in the pig farming business, promising high returns on investment. However, once the victims are lured in, their money disappears like a pig in a magic show.
In this case, the scams were orchestrated using the USDT stablecoin. Considered one of the most widely used stablecoins in the cryptocurrency market, USDT maintains a value equal to the U.S. dollar, providing stability to investors. Unfortunately, these fraudulent organizations took advantage of the anonymity and convenience provided by cryptocurrencies, using USDT as a means to execute their deceitful schemes.
The seized $9 million represents the ill-gotten gains accumulated by the criminals involved. By confiscating the funds, the DOJ aims to disrupt and hold accountable those responsible for preying on unsuspecting victims who fell victim to the “pig butchering” scams.
Hot Take: Time to Bring Home the Bacon!
While it’s disheartening to witness scams like these exploiting innocent people, it’s reassuring to see the Department of Justice step in and take a bite out of these fraudulent activities. By seizing $9 million worth of USDT, these criminals are learning that playing with pigs might leave you squealing. Let this be a reminder to others that no matter how clever their schemes might seem, justice is always on the prowl, ready to put them on a spit and roast their illegal gains!
Read full article at https://www.coindesk.com/policy/2023/11/21/tether-worth-9m-tied-to-pig-butchering-scams-is-seized-by-us-doj/?utm_medium=referral&utm_source=rss&utm_campaign=headlines