Tether Joins Forces with Secret Service and FBI to Combat Cybercrime

In a groundbreaking move, Tether, the creator of the USDT stablecoin, has teamed up with the FBI and the Secret Service, signalling the company’s dedication to combating cybercrimes involving USDT.

Paolo Ardoino, the newly appointed CEO of Tether, is pulling out all stops to prevent the illicit use of the company’s stablecoin and bolster the security of the cryptocurrency market. This initiative follows the implementation of a new policy to freeze wallets associated with individuals on the SDN list, leading to over 200 wallets being frozen.

In a recent letter to U.S. lawmakers, Tether’s CEO detailed his plans to join forces with the two most powerful law enforcement agencies in the United States, the Secret Service and the FBI, to prevent criminals from misusing the company’s stablecoin.

On December 15, Tether wrote to members of the U.S. House Financial Services Committee and the Senate Committee on Banking, Housing, and Urban Affairs, emphasizing its firm resolve to reduce the illegal use of its currency.

As part of its commitment to building a strong and sustainable infrastructure, Tether has pledged full cooperation with law enforcement agencies to combat the financing of terrorism and other illegal activities.

In a detailed letter, CEO Paolo Ardoino outlined the company’s new anti-crime measures, including its wallet freezing policy, which has assisted authorities in blocking access to over 200 wallets, freezing more than $3.5 million in USDT.

As a “concrete example” of cooperation with law enforcement, the stablecoin company highlighted its support for the U.S. Department of Justice, the Secret Service, and the FBI. The company has so far helped freeze 326 wallets, totaling over $435 million.

The CEO’s letter demonstrates Tether’s commitment to aiding law enforcement. He noted that the company has collaborated with the U.S. Secret Service and is currently working with the FBI.

Tether’s correspondence closely follows calls from U.S. senators for the Justice Department to investigate stablecoins.

Senators Cynthia Lummis and Representative French Hill urged the Justice Department in a letter dated October 26 to Merrick Garland, the U.S. Attorney General, to “swiftly conclude” investigations into Tether’s potential involvement in criminal activities and to reach a “decision on charges against Binance.”

Congress members claimed that Binance and Tether provided resources for cryptocurrency-funded terrorism, violating the Bank Secrecy Act and related sanctions laws.

Legislators also stated that stablecoin issuers were aware their currencies were being used for terrorism financing and other illegal activities but failed to conduct adequate scrutiny.

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