Tether is back in the spotlight, this time for assisting the authorities in solving a crypto crime. According to multiple reports, the stablecoin firm recently helped the Ontario Provincial Police in a crypto robbery worth $10,000 CAD. Tether worked with the Cyber Investigations Team to recover the lost funds, showcasing the company’s increasing commitment to helping authorities address crypto-related crimes.
Tether has previously caught the ire of a few 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 lane, cooperating with the authorities by freezing the USDT in question, allowing it to be returned to its rightful holder.
OPP Thanks Tether For Its Assistance
After successfully recovering the crypto funds, the OPP immediately thanked Tether for their assistance. Through Tether, the investigators managed to freeze $7,186, or 10,000 Canadian Dollars in USDT, from the suspect.
According to OPP Detective Inspector Addison Hunter, the company’s help ensured the quick recovery of the stolen crypto assets. The inspector also commended the crypto firm for its voluntary assistance, which facilitated the return of the funds to their rightful owner.
Helping The Cops
Tether’s Paolo Ardoino immediately released a statement after the successful recovery of funds. In the statement, the Company’s CEO shared that the company is committed to helping law enforcement fight cybercrime. Ardoino further stated that Tether would hold criminals accountable and support all victims.
In recent months, the stablecoin company has strengthened its efforts to help law enforcement. The company has collaborated with over 195 law enforcement agencies in over 48 countries.
Legal Questions
Meanwhile, Tether has been the subject of questions over its supposed lack of transparency. Recently, there have been rumors that the firm was under investigation for its involvement in money laundering. According to reports, Manhattan prosecutors are considering the company’s possible participation in illicit activities. Also, the US Treasury Department was reportedly looking at possible sanctions on the company.
Tether’s Ardoino has vehemently denied these rumors and allegations, referring to these as “noise.” Instead, the company is laser-focused on its business, including a recent investment in the Middle East that can expand its portfolio outside crypto.
Featured image from Protos, chart from TradingView