Tether voluntarily freezes $225M linked to human trafficking
The leading global stablecoin company, Tether, voluntarily froze approximately $225 million worth of USDT tokens held in external self-custody wallets. The funds were linked to an international criminal syndicate involved in human trafficking and a global “pig butchering” scheme, the firm revealed in its press release from Monday, November 20. “Pig butchering” is the type of scam in which the scammer slowly builds a relationship with a victim before using emotional manipulation to convince the victim to send them money, cryptocurrencies, join them in a fraudulent investment scheme, or commit other similar activities to the benefit of the scammer. The decision to freeze the USDT comes after a months-long investigation conducted by various players in the cryptocurrency industry, including Tether and the crypto exchange OKX, and law enforcement agencies such as the U.S. Department of Justice (DOJ). Cryptocurrency 3 cryptocurrencies to avoid trading next week ...