Tether has helped local Thai police and U.S. authorities recover $12 million in USDT. The funds are linked to a transnational scam operating across Southeast Asia.
Tether, the largest stablecoin issuer in the cryptocurrency industry, announced that it had participated in a recovery process with authorities, which resulted in the seizure and recovery of $12 million worth of USDT.
The company stated that it was part of a joint operation between the Royal Thai Police and the United States Secret Service, which traced the funds to a transnational scam operating across Southeast Asia.
Tether aids authorities in the arrest of 73 suspects linked to crypto crimes
The announcement noted that Thailand’s Technology Crime Suppression Division (TCSD), under the Ministry of Digital Economy and Society (DES), spearheaded the recovery process as part of a broader initiative to combat money laundering, online fraud, and cryptocurrency scams.
The stablecoin giant highlighted that the authorities involved in the investigations arrested 73 suspects, including 22 foreign nationals and 51 Thai natives, seizing crypto assets worth more than 522 million baht.
Tether’s CEO, Paolo Ardoino, commented on the joint efforts, stating that the crypto company is committed to supporting authorities and law enforcement on a global scale to freeze illicit assets, protect victims, and ensure that the transparency of USDT serves the global commerce.
“This operation highlights how blockchain transparency can empower law enforcement to act quickly and effectively against criminal activity…”
–Paolo Ardoino, CEO of Tether
Tether also emphasized that it had actively engaged with law enforcement worldwide to facilitate investigations that ended in multiple seizures of illegal proceeds in various jurisdictions. The company highlighted that the U.S. The Department of Justice (DOJ) acknowledged the company’s contributions and efforts in a major enforcement operation that resulted in the recovery of approximately $225 million in USDT in June.
The company also noted that it assisted U.S. authorities, including those from the U.S. Secret Service, in freezing $23 million in illicit funds linked to transactions on the Russian-sanctioned exchange Garantex. Tether also stated that it assisted the authorities in freezing an additional $9 million linked to the Bybit hack.
According to Tether’s official news report, the company has blocked more than 3,660 wallets in joint efforts with law enforcement, with 2,100 cases involving collaborations with U.S. agencies. Tether added that its participation in the Royal Thai Police operations contributes to its ongoing objectives of assisting international law enforcement agencies in combating financial crimes involving various crypto assets, such as stablecoins.
Tether stated that it had collaborated with 290 law enforcement agencies across 59 different jurisdictions and had frozen more than $3 billion in cryptocurrency assets believed to originate from illicit activities.
Thai doubles down on crypto scam crackdown
The Thai government also acknowledged it had carried out a crackdown in line with its national agenda on crypto scams, fraud, and money laundering.
Thailand’s Prime Minister Anutin Charnvirakul announced the results of the cybercrime suppression operation during a press conference held on November 10, themed “United Thailand Against Scammers.” The government official stated that local police had seized digital assets from foreigners worth 14 million baht (approximately $ 432,000) and that the victims had been reimbursed.
The Prime Minister also said the authorities had apprehended the network of former Cambodian Senator Ly Yong Phat for their alleged involvement in laundering money linked to online scams. The news reported that the operation resulted in the recovery of 400 million baht (approximately $ 12 million U.S. dollars).
Charnvirakul emphasized the importance of ensuring public safety by keeping members informed and educating them with the proper knowledge to protect themselves from cyber-related crimes.
The news follows Cryptopolitan’s report on November 13, which stated U.S. authorities, including the U.S. Department of Justice (DOJ), the FBI, and the Secret Service, have established a new interagency enforcement task force to counter crypto-related scams and investment schemes perpetrated by Chinese transnational criminal organizations targeting unsuspecting U.S. citizens.
U.S. Attorney Jeanine Pirro revealed that Americans lose over $9 billion, with the actual figure estimated to be higher due to underreporting. Pirro explained that the scams are socially engineered using online platforms, text messages, and social media. The attorney mentioned that the scammers solicit victims by encouraging them to invest in “legitimate” crypto projects that turn out to be fraudulent.
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