Cryptocurrencies tempt scammers, human traffickers, and other criminals. However, blockchain is transparent. Although only a small portion of global crime is committed with cryptocurrencies, propaganda says the opposite. But what crypto opponents do not know is that crypto crimes are eventually punished.
A Major Crypto Operation
Criminals launder money, buy weapons with dollars, and do many other things. They may want to do the same with cryptocurrencies. However, blockchain is transparent and has more capabilities than the US dollar in tracking criminals. The green dollar does not indicate that it is crime income, but the situation is different with crypto.
Tether, the largest company in the crypto ecosystem, and the leading global crypto exchange and Web3 technology company, OKX, have frozen $225 million in cooperation with the US Department of Justice today. The international criminal organization was involved in various areas, including love fraud and human trafficking.
The joint investigation was conducted using tools from blockchain analysis firm Chainalysis, and Tether’s action represents the largest asset freeze in history for USDT.
After months of struggle by Tether and OKX, the criminals were reached. Tether CEO Paolo Ardoino said:
“Through proactive interaction with global law enforcement agencies and our commitment to transparency, Tether aims to set a new standard for security in the crypto space. Our recent collaboration with the Department of Justice underscores our commitment to promoting a secure environment. Our collaboration with other companies, such as OKX, will continue to address illegal activities proactively and maintain the highest standards of integrity in the industry.”
