Skip to content
- Tether helped the RCMP recover $460,000 in USDT linked to an Ontario fraud case.
- The company has blocked over $3.2 billion in illicit funds globally.
- Private sector collaboration is critical in tracking and seizing cryptocurrency.
According to the report, Tether, a leading firm in digital assets, assisted the Royal Canadian Mounted Police (RCMP) in recovering approximately 460,000 USDT. The funds were connected to a sophisticated investment fraud scheme targeting an Ontario resident.
On July 3, RCMP’s Federal Policing Criminal Operations Virtual Assets carried out a Special Warrant for Digital Assets. With this action, 460,000 USDT amounting to about $640,000 CAD were seized. The RCMP mentioned cooperation by Tether as a key factor in the success of this operation.
Tether acted promptly to freeze the criminal assets. The company’s technology and procedures afforded the investigators time to cancel the transactions while the funds were on the move. Authorities cited Tether as a trusted partner to law enforcement in the war on digital crimes.
Tether Supports Law Enforcement Worldwide
The company has a history of collaboration with law enforcement around the world. The company in the last year helped the U.S. Department of Justice in a $225 million enforcement action. The company also collaborated with the U.S. Secret Service to freeze $23 million in connection to the sanctioned exchange Garantex.
Additionally, Tether facilitated the return of $9 million in relation to the Bybit hack. The actions are an indication of Tether’s endeavors to maintain financial soundness. The company utilizes real-time tracking, advanced analytics, and direct cooperation with more than 290 law enforcement agencies in 59 countries.
Crypto Investigations Rely on Fast Action and Cooperation
Cryptocurrency is highly dynamic and timing is crucial in investigations. Promptness is vital to achieve recovery, according to RCMP authorities. Cooperation by the private sector plays a vital role in stopping crime. Voluntary cooperation by Tether allowed the Ontario victim to recover money.
The company has so far frozen and blocked upwards of $3.2 billion in USDT related to criminal activity. Over the last 12 months alone, Tether has endeavored to freeze 3,660 wallets, 2,100 in cooperation with U.S. authorities. These actions have comprised the pursuit of wallets related to fraud, designated parties, and terrorism financing.
As cryptocurrency adoption increases, these kinds of partnerships among companies and police units will become even more prevalent. Tether is also positioning itself as a frontliner in the war on virtual money crime.
Related Reading: Bitcoin Price Holds Above $114,800 as Analysts Predict Potential Rally Beyond $200,000 in 2025
