💀Fear and Loathing in the Asia-Pacific Region: Tether froze USD 49.6 million in funds linked to pig butchering scams

💀Fear and Loathing in the Asia-Pacific Region: Tether froze USD 49.6 million in funds linked to pig butchering scams

Demonstrating that stablecoin oversight can effectively disrupt illicit cross-border money flows, the crackdown brought together Chainalysis, Binance, OKX, and regional law enforcement agencies.

▶️Context: these freezing measures are part of Tether’s broader initiative to combat illegal financing. In September 2024, the company announced it had frozen more than 1,850 wallets linked to criminal activity across 45 jurisdictions, recovering assets worth USD 1.86 billion.

▶️Unlike other cryptocurrencies (such as Ethereum and Bitcoin), Tether has the technical ability to freeze funds once their illicit nature is verified.

▶️Binance promptly shares intelligence with agencies and other exchanges to strengthen blockchain security.

▶️Coinbase collaborated with the U.S. Secret Service to trace illicit flows, helping to identify more than 130 affected clients.

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