Tether, OKX Strike At 'Pig Butchering' Scam With $225M Freeze
Portfolio Pulse from Murtuza Merchant
Tether, in collaboration with crypto exchange OKX, has frozen approximately $225 million in USDT tokens linked to a Southeast Asian human trafficking syndicate involved in a 'pig butchering' scam. This action, the largest-ever freeze of USDT, was a result of a joint investigation with the U.S. DOJ and utilized Chainalysis tools. The U.S. Secret Service requested the proactive freeze. Tether CEO Paolo Ardoino and OKX Chief Innovation Officer Jason Lau emphasized their commitment to security and collaboration with law enforcement to combat illicit activities in the crypto space.
November 20, 2023 | 5:01 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Tether's proactive measures in freezing $225 million linked to criminal activities demonstrate the company's commitment to security and may positively influence the trust in USDT among investors.
The freezing of funds linked to criminal activities is a significant event that highlights Tether's ability to monitor and act upon illicit transactions. This action may reassure investors about the integrity of Tether's operations and its collaboration with law enforcement, which could lead to increased trust and potentially a positive impact on the short-term stability or value of USDT.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100