Categories: Cryptocurrency Exchange

Tether lifts the lid on a $1.4 million Tether token’s scam

Tether has helped the United States Department of Justice and the FBI lift the lid related to a $1.4 million Tether (USDT) scam by a tech support company. In due time, the recovered amount will be released to the victims who fell prey to the scam. The voluntary backing of the DOJ and FBI speaks volumes regarding Tether’s ongoing involvement in standing up against using cryptocurrency for fraudulent financial sector activities.

The US DOJ has shown appreciation for Tether’s help in shifting the assets, which spells out Tether’s pledge to ensure complete honesty in cryptocurrency.

The scamsters seemed to have focused on elderly citizens throughout the United States of America. They used pop-ups to fool the victims into thinking their computers were under threat, which made them connect with tech support. Then on, the process of convincing began that their bank accounts were no longer secure. The suggestion was to exchange the funds for cryptocurrency to safeguard against hackers. They were then shifted to online currency wallets controlled by the scamsters.

According to the CEO of Tether, Paolo Ardoino, it was a pleasure and an honor for them to assist the US government in unraveling the scam and releasing the funds to their rightful owners. In his opinion, this is an ongoing involvement of theirs to safeguard the interests of the citizens against cryptocurrency fraud. He added that it is an absolute top priority for their company.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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Paul Jolin