Federal Agents Seize $61M in Tether Linked to Crypto Romance Scam

US federal agents have made significant progress in combating digital asset crimes with the seizure of over $61 million in Tether (USDT) linked to a large-scale crypto romance scam.

According to authorities, scammers used a 'pig butchering' scheme to deceive victims, building trust through online conversations and then convincing them to invest in fraudulent crypto trading platforms. The scammers would then block account access and disappear with the assets of the victims.

The authorities were able to trace the funds using blockchain transactions and wallet networks, allowing them to freeze and recover the illicit digital assets. This marks one of the largest recoveries of USDT related to fraud, highlighting the increasing efforts by law enforcement to combat digital asset crimes.