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The US Department of Justice (DOJ) has seized $9 million worth of USDT cryptocurrency as part of an ongoing investigation into a criminal enterprise involving numerous companies associated with Tether. The criminal enterprise is alleged to be responsible for misappropriating over $225 million worth of cryptocurrency in a massive pyramid scheme.
The investigation is said to involve individuals who promoted a fraudulent “pig butchering” scheme, wherein victims were allegedly led to believe that they would receive returns on their investments. The scheme, according to the DOJ, involved more than 400 victims from 40 different countries and a variety of cryptocurrencies, including lockdown, Tether, and Bitcoin.
According to the DOJ, the criminal enterprise tricked investors into buying tokens from a variety of digital wallets, including those associated with Tether. The fraudulent scheme was reportedly based out of Germany and Netherlands.
While the investigation is ongoing, the DOJ stated that it would continue to fight against those who seek to harm innocent victims through scams and illegal activities. They also indicated that they are working to return funds to those who lost their investments due to fraudulent schemes.