Tether, the company behind the world’s largest Stablecoin USDT (USDT)has made strategic investments in blockchain analytics firm Crystal Intelligence to increase efforts to encrypt the crimes.
The investment has direct access to Crystal’s suite of tools for real-time risk monitoring, fraud detection and regulatory intelligence, strengthening the company’s ability to help global law enforcement track suspicious activity, the company said in a press release Tuesday. Crystal, together with Tether, built Scam Alert, a public database that marks addresses related to the scam.
Crypto scams and vulnerabilities have surged in recent years. 2024, the FBI’s Internet Crime Complaint Center Record The $9.3 billion loss associated with digital asset fraud is 66% higher than the previous year.
Crypto exchanges Coinbase and Tether have assisted the U.S. Secret Service to capture $225 million worth of USDT through romantic investment scams.
Tether’s USDT Stablecoin is often used for illegal trading due to its liquidity, he said it has helped over 255 law enforcement agencies in 55 jurisdictions and has frozen over $2.7 billion in Stablecoins related to criminal activity.
“This strategic investment will enhance our ability to work more effectively and strengthen a clear message: Abuse of USDT and law enforcement officers will find you,” said Paolo Ardoino, CEO of the Tether.
