Tether aids authorities in the arrest of 73 suspects linked to crypto crimes

Tether has assisted local Thai police and U.S. authorities in recovering $12 million in USDT, which was linked to a transnational scam operating across Southeast Asia. This operation was part of a joint effort between the Royal Thai Police and the United States Secret Service. Tether, the largest stablecoin issuer in the cryptocurrency industry, collaborated with the authorities to trace the funds and seize them. The company emphasized its commitment to supporting law enforcement globally in combating financial crimes and protecting victims.

According to the announcement, Thailand’s Technology Crime Suppression Division (TCSD), under the Ministry of Digital Economy and Society (DES), led the recovery process. This initiative targeted money laundering, online fraud, and cryptocurrency scams. Authorities arrested 73 suspects, including 22 foreign nationals and 51 Thai natives, and seized crypto assets worth more than 522 million baht. Tether's CEO, Paolo Ardoino, praised the operation as showcasing how blockchain transparency aids law enforcement in tackling criminal activities effectively.

Tether highlighted its global efforts to assist law enforcement. It has helped in the recovery of approximately $225 million in USDT as acknowledged by the U.S. Department of Justice (DOJ) in a major enforcement operation. Furthermore, the company supported U.S. authorities, including the U.S. Secret Service, in freezing $23 million in illicit funds tied to the Russian-sanctioned exchange Garantex and an additional $9 million linked to the Bybit hack. In total, Tether has blocked over 3,660 wallets in collaboration with 290 law enforcement agencies across 59 jurisdictions, freezing more than $3 billion in cryptocurrency assets originating from illicit activities.

The Thai government reaffirmed its commitment to combating crypto scams, fraud, and money laundering as part of its national agenda. Prime Minister Anutin Charnvirakul announced during a press conference, themed “United Thailand Against Scammers,” that local police had seized digital assets from foreigners worth 14 million baht (approximately $432,000). Victims were reimbursed, and the authorities dismantled networks involved in laundering money tied to online scams, including those linked to former Cambodian Senator Ly Yong Phat. The operation resulted in the recovery of digital assets valued at 400 million baht (approximately $12 million U.S. dollars).

A related report by Cryptopolitan on November 13 highlighted the initiatives of the U.S. Department of Justice (DOJ), the FBI, and the Secret Service. These entities have established an interagency enforcement task force to combat crypto scams and investment schemes, particularly those conducted by Chinese transnational criminal organizations targeting unsuspecting U.S. citizens. U.S. Attorney Jeanine Pirro stated that Americans lose over $9 billion annually to such scams, with actual figures likely higher due to underreporting. These scams are often socially engineered through online platforms, text messages, and social media, where victims are manipulated into investing in fraudulent crypto projects.