Success of American authorities in combating cybercrime: seizure of 1.4 million Tether

American Law Enforcement Successfully Seizes $1.4 Million in Tether Funds

American law enforcement agencies have recently taken action to combat scams related to technical support fraud, which have primarily targeted elderly residents of the USA. As part of these efforts, the agencies managed to seize Tether tokens worth $1.4 million that were used by criminals to carry out fraudulent activities.

Scammers’ Tactics and FBI Actions

The victims of the scams were targeted through pop-up windows on their computers, claiming that their systems had been compromised. Scammers impersonating Microsoft or Apple technical support staff convinced victims to install remote access software. They then falsely claimed that the victims’ social security numbers and bank accounts had been breached. Subsequently, the scammers persuaded the victims to convert their funds into cryptocurrencies for protection, and then transfer them to cryptocurrency wallets controlled by the criminals.

In response to these actions, the FBI seized the suspicious funds by identifying the cryptocurrency addresses used by the scammers and securing them to return the funds to the victims. One of the affected individuals transferred at least $3 million to the scammers; however, the criminals’ accounts were frozen in March 2023, allowing for the partial recovery of the funds.

Collaboration Between Tether and US Authorities

Tether, the company responsible for the cryptocurrency stablecoin, voluntarily cooperated with US authorities in securing the funds used by the scammers. This successful intervention demonstrates that cooperation between the private sector and government institutions can yield positive results in combatting online crime.

Rise in Cybercrime According to FBI Report

According to the latest FBI report on cybercrime, reported losses from such scams amounted to over $12.5 billion in 2023, representing a 22% increase compared to the previous year. This is an alarming signal for society and a clear indication for law enforcement agencies that combating cybercrime requires increased attention and preventive actions.