Recently, Tether collaborated with the US Department of Justice and the Federal Bureau of Investigation (FBI) to seize $1.4 million USDT associated with a tech support scam network. The fraudulent scheme targeted vulnerable elderly individuals through deceptive pop-up advertisements, leading them to seek assistance from supposed tech support. Victims were then coerced into converting their funds into cryptocurrencies and transferring them to hacker-controlled wallets. Tether announced that the reclaimed funds would be returned to the victims of the fraud, signaling a step towards upholding integrity in the industry.
The CEO of Tether, Paolo Ardoino, emphasized the importance of safeguarding users and eradicating illicit activities. This development aligns with Tether’s ongoing campaign against malicious players’ illicit use of cryptocurrencies. The seizure of $1.4 million worth of Tether (USDT) is a significant milestone in their efforts to maintain integrity in the rapidly evolving industry.
Tether’s USDT recently integrated with the mobile-centric layer-1 platform Celo, offering benefits such as low transaction fees. This integration expands the utility of stable assets on Celo, including remittances, savings, lending, peer-to-peer (P2P) transactions, and cross-border payments. Ardoino highlighted Celo as an important new transport layer due to its focus on emerging markets and low transaction fees. Additionally, Celo is transitioning to a layer 2 network built on Ethereum, with plans to use USDT as a gas currency within the ecosystem to streamline transactions and improve efficiency in decentralized applications (dApps).
Interestingly, Tether’s major stablecoin rival, Circle-issued USDC, expanded similarly to Celo in January. This expansion indicates a growing trend among stablecoin issuers to integrate with mobile-centric platforms like Celo, aiming to provide low-cost transactions and improve the overall utility of stable assets. The integration of stablecoins with platforms like Celo not only benefits users but also enhances the efficiency of various financial services, including payments, lending, and more.
The collaboration between stablecoin issuers like Tether and law enforcement agencies to combat fraudulent schemes is a positive step towards maintaining integrity in the cryptocurrency industry. By integrating with platforms like Celo and focusing on emerging markets, stablecoin issuers are working towards enhancing the utility and efficiency of stable assets for users worldwide.