Tether, the largest company in the digital asset industry, has assisted the United States Secret Service (USSS) in freezing $23 million in illicit funds linked to transactions on the Russian-sanctioned exchange Garantex.
Over the past year, Tether has collaborated with law enforcement on multiple cases, including working with the U.S. Department of Justice and the USSS to seize $9 million in USDT from a pig butchering scam and another $1.4 million tied to a tech support fraud network. In total, Tether has helped block 2,090 wallets, with 960 of them frozen in coordination with U.S. agencies. Over three years, the company has voluntarily responded to more than 900 law enforcement requests, including 460 from U.S. authorities. To date, Tether has frozen over $2.5 billion in illicit USDT, reinforcing its dedication to combating financial crime.
Operating alongside 235 law enforcement agencies across 55 jurisdictions, Tether enforces a strict wallet-freezing policy to fight money laundering, terrorist financing, and nuclear proliferation. The company aligns with the OFAC Specially Designated Nationals (SDN) List to target wallets associated with sanctioned individuals and high-risk activities. Tether’s proactive stance has been instrumental in expediting the detection and recovery of illicit funds, strengthening global financial security and regulatory compliance.
“Tether’s ability to track transactions and freeze USDT linked to illicit activity sets it apart from traditional fiat and decentralized assets,” said Tether CEO Paolo Ardoino. “We take our responsibility to combat financial crime seriously and will continue working closely with global law enforcement agencies to prevent bad actors from exploiting stablecoin technology.”
According to TRM Labs, illicit crypto transactions fell to $45 billion in 2024, representing just 0.4% of total crypto transaction volume. As part of a joint effort between Tether, TRON, and TRM Labs, the T3 Financial Crime Unit successfully froze over $100 million in criminal assets in the last four months of 2024 alone.
Tether remains steadfast in its mission to safeguard the cryptocurrency ecosystem. By leveraging advanced tracking tools, the company enhances law enforcement’s ability to trace USDT transactions across multiple blockchains, further strengthening global efforts against illicit financial activities.
