USDT helps Canadian Police in Crypto theft

Tether helped the Ontario Provincial Police recover cryptocurrency valued at  10,000  Canadian dollars. Tether’s cooperation with the OPP’s Cyber Investigations Team enabled this recovery, demonstrating the company’s dedication to helping law enforcement fight cybercrime.

Tether froze the Tether coins involved in the theft in response to the OPP’s request, enabling the return of the digital assets to their legitimate owner.

According to Tether’s press release, Detective Staff Sergeant Addison Hunter of the OPP recognized that Tether’s voluntary cooperation was crucial to regaining the stolen money.

Tether claims to have helped more than 195 law enforcement agencies in 48 countries, establishing itself as a partner to law enforcement in the fight against cybercrime.

The stablecoin company worked with Bitfinex, a cryptocurrency exchange, to freeze over $33 million in USDT that was taken in the September 2020 hack of the KuKoin exchange, which depleted the well-known exchange of about $200 million.

Tether went ahead and added more addresses to its blacklist, freezing $150 million in USDT In January 2022,. The stablecoin issuer blacklisted 312 distinct addresses over the previous year, and no formal explanation was provided for the fund freezing.

The company recently announced that it had completed its first funding transaction in a Middle East crude oil investment, broadening its ventures beyond cryptocurrency.

Prosecutors in Manhattan were reportedly investigating possible criminal activity involving Tether’s cryptocurrency.

The report stated that the Federal government might restrict U.S. business dealings with the company, which were also reportedly being considered by the Treasury Department. Tether recently denied reports that it was being investigated for violations of anti-money-laundering and sanctions laws in the United States.