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Recently, a report published by WSJ highlighted the troubles faced by the largest stablecoin by market cap. During this period, the CEO of Tether stated that they had not received any signs of investigations regarding money laundering or sanctions violations and claimed there were no issues.
Tether Receives Praise from Law Enforcement
According to a report released just hours ago, Tether’s team received commendations from Canadian law enforcement. The company’s blog post indicated that Tether assisted the Ontario Provincial Police (OPP) in a new investigation that resulted in the recovery of stolen cryptocurrency.
“The recovery of approximately 10,000 CAD was made possible through Tether’s proactive engagement and support in collaboration with the OPP Cyber Investigation Team (CIT).”
The Tether team voluntarily participated in the investigation, freezing the assets in the wallet of the perpetrator to facilitate their return to the rightful owner. Detective Addison Hunter from the Ontario Provincial Police stated:
“The voluntary assistance and cooperation of Tether International Ltd allowed for the successful seizure of the stolen digital assets. The recovery was returned to the victim. This collaboration proved effective in quickly recovering the assets.”
Tether’s Motivations for Announcing This Cooperation
The mainstream media has openly targeted Tether, which has been combating fear, uncertainty, and doubt (FUD) for years. Numerous FUD claims have emerged regarding the health of its reserves and the banks it collaborates with. Recently, WSJ mentioned that Tether is undergoing extensive investigation by the U.S. for aiding criminals.
However, Tether has long denied investigation claims, emphasizing their close cooperation with law enforcement. According to information on their website, the company has worked with over 195 law enforcement agencies in 48 jurisdictions, aiding in the freezing of over 2 billion dollars of assets to date.
The investigation into Tether could potentially shake the entire market; hence, statements confirming ongoing cooperation serve the interests of the markets.
