Tether is back in the spotlight, this time for helping authorities solve a crypto crime. According to multiple reports, the stablecoin company recently assisted Ontario Provincial Police in a $10,000 CAD crypto heist. Tether worked with the Cyber ​​Investigations Team to recover the lost funds, demonstrating the company’s increasing commitment to helping authorities tackle crypto-related crimes.
Tether has previously drawn the ire of some government officials for its lack of transparency. Even Senator Cynthia Lummis of Wyoming called out the company for its involvement in illegal financing. But this time, the company is on the right track and is cooperating with the authorities by freezing the USDT in question so that it can be returned to its rightful holder.
OPP thanks Tether for its help
After successfully recover the crypto fundsimmediately thanked the OPP Tether for their assistance. Through Tether, investigators managed to freeze $7,186, or 10,000 Canadian dollars in USDT, from the suspect.
According to OPP Inspector Addison Hunter, the company’s assistance ensured the quick recovery of the stolen crypto assets. The inspector also praised the crypto company for its voluntary assistance, which facilitated the return of the funds to the rightful owner.
Helping the police
Tether’s Paolo Ardoino immediately released a statement following the successful recovery of the funds. In the statement, the company’s CEO shared that the company is committed to assisting law enforcement combating cybercrime. Ardoino further stated that Tether would hold criminals accountable and support all victims.
In recent months, the stablecoin company has stepped up its efforts to assist law enforcement. The company has worked with more than 195 law enforcement agencies in more than 48 countries.
Legal questions
Meanwhile, Tether has been the subject of questions about its alleged lack of transparency. Recently, there were rumors that the company was being investigated for its involvement in money laundering. According to reports, Manhattan prosecutors are considering the company’s possible participation in illegal activities. The US Treasury Department is also said to be investigating possible sanctions against the company.
Tether’s Ardoino has vehemently denied these rumors and accusations, calling them “noise.” Instead, the company is focused on its operations, including a recent investment in the Middle East that could expand its portfolio beyond crypto.
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