Cryptomonk
Contributor
The stablecoin issuer Tether, in collaboration with crypto exchange OKX and the U.S. Department of Justice, took a proactive step by freezing $225 million in stolen USDT associated with a romance scam. This action disrupted an international crime syndicate, marking the largest freeze in USDT history. The frozen funds were traced to external self-custodied wallets connected to a human trafficking syndicate in Southeast Asia involved in a global romance scam known as "pig butchering." This scam involves perpetrators gaining victims' trust through social media and dating apps, eventually coaxing them into investing in fraudulent crypto or online trading schemes.
What Is Stablecoin
Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to real-world assets like fiat currencies or commodities, providing reduced volatility compared to other digital assets.
What Is Stablecoin
Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to real-world assets like fiat currencies or commodities, providing reduced volatility compared to other digital assets.