Stablecoin Tether vs fraud: DOJ and FBI intervene

Stablecoin Tether Fights Technical Frauds and Collaborates with DOJ and FBI

Stablecoin Tether, one of the largest and most popular cryptocurrency issuers globally, has teamed up with the United States Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) to seize $1.4 million associated with a network of technical frauds that were utilizing deceptive pop-up ads targeting vulnerable elderly individuals.

Elderly Individuals Fall Victim to Fraud

The victims of this fraud were misled, pressured, and coerced into believing that their devices were compromised, then convinced to convert their funds into cryptocurrencies and send them to wallets controlled by hackers.

Recovery of Funds for Victims

Tether has announced that the recovered funds will be returned to the victims of the scammers, marking a significant step in their efforts to maintain integrity within the industry.

Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to protecting users and eliminating illegal activities in the cryptocurrency space.

Tether Integration with Celo Platform

Stablecoin Tether (USDT) has integrated with the mobile layer platform Celo, offering benefits such as low transaction fees and expanding its utility for various purposes like remittances, savings, loans, peer-to-peer transactions, and international payments.

Celo’s Transition to Layer 2 Network built on Ethereum

Celo is moving onto a Layer 2 network built on Ethereum, with plans to utilize USDT as gas currency within the ecosystem to enhance transaction efficiency in decentralized applications (dApps) focused on payments, loans, and more.

Competitor Tether’s Expansion – USDC Issued by Circle

The competitive stablecoin Tether, namely USDC issued by Circle, also, akin to Tether, expanded its integration with the Celo platform in January, indicating a trend of stablecoins integrating with emerging platforms.