Tether, the world’s largest stablecoin issuer, reportedly played a key role in a joint operation with Dutch and U.S. law enforcement to dismantle two cryptocurrency exchanges suspected of money laundering. The operation resulted in the seizure of €7 million ($7.8M) in crypto and freezing of illicit wallets.
💼 Tether Works With Law Enforcement to Halt Crypto Laundering
Tether announced that the Dutch Fiscal Information and Investigation Service (FIOD), along with the National High Tech Crime Unit and the U.S. Secret Service, successfully shut down two exchanges, Cryptex and Pm2btc. These exchanges were accused of laundering funds connected to criminal activities, such as ransomware.
🔒 Freezing Assets and Combating Crime
Tether provided proactive assistance by freezing digital assets and wallets linked to the suspects, reinforcing its dedication to fighting financial crimes. Chainalysis also supported law enforcement in stopping these exchanges, which allowed criminals to convert cryptocurrencies into national currencies.
🗣️ Tether’s Commitment to Fighting Criminal Exploitation
“We strongly oppose any criminal exploitation of digital assets and pledge our continued collaboration with law enforcement agencies worldwide to uphold the security, trust, and integrity of the digital finance space,” said Paolo Ardoino, CEO of Tether.
🌍 Tether’s Extensive Work with Law Enforcement
Tether shared that it has worked with over 180 law enforcement agencies across 45 regions, helping freeze more than $1.8 billion in illegal assets. As of Sept. 27, Tether leads the stablecoin market with a market cap of $119.49 billion. Recently, Tether partnered with Tron and TRM Labs to combat crypto crime by launching the T3 Financial Crime Unit (T3 FCU).
Team Coinpower
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