According to @FoxNews, the U.S. Department of Justice (DOJ) has seized over $225 million in the stablecoin Tether (USDT) connected to a massive 'pig butchering' scam. This scam is notably linked to the collapse of Heartland Tri-State Bank, whose former CEO embezzled $47 million and lost it to the fraudsters, as stated in a DOJ complaint. The investigation, which identified a money laundering network that processed approximately $3 billion, was aided by key information from the crypto exchange OKX. The DOJ complaint details how scammers used a complex network of over 100 intermediary wallets and 122 OKX accounts to obscure the flow of funds. In a separate operation, Spanish police, with support from Europol, arrested five individuals in connection with a $540 million crypto fraud scheme that impacted over 5,000 victims, using a network of bank accounts and crypto exchanges based out of Hong Kong to launder the illicit funds. The seized USDT from the DOJ case is expected to be added to a U.S. government strategic crypto stockpile.

According to FoxNews, the U.S. Department of Justice (DOJ) has initiated a civil forfeiture action to seize over $225 million in the stablecoin Tether (USDT) connected to a massive 'pig butchering' scam. The investigation, which received key assistance from the crypto exchange OKX, uncovered a complex money laundering network that processed approximately $3 billion in transactions, according to the DOJ complaint. This network ensnared multiple victims, including a former Kansas banker whose $47 million embezzlement from Heartland Tri-State Bank directly led to its collapse in 2023. The complaint details how scammers used a network of over 200 OKX accounts and numerous intermediary wallets to obscure the funds' origins. The seized USDT may eventually be added to a U.S. government strategic cryptocurrency stockpile, a development that could have long-term implications for the market's supply dynamics.

According to @FoxNews, the U.S. Department of Justice (DOJ) has seized over $225 million in Tether (USDT) connected to a massive 'pig butchering' crypto scam. The operation is directly linked to the 2023 collapse of Heartland Tri-State Bank, whose former CEO embezzled $47 million and lost a portion to the scammers, as detailed in the DOJ complaint. The crypto exchange OKX played a key role by providing information that helped investigators trace the laundered funds through a complex network of over 100 intermediary wallets and hundreds of OKX accounts. The seized USDT will likely be added to a future U.S. government crypto stockpile, a development traders should monitor for potential long-term market impacts.

According to @FoxNews, the U.S. Department of Justice (DOJ) has executed a significant enforcement action, seizing over $225 million in laundered Tether (USDT) linked to a 'pig butchering' scam that caused the collapse of a Kansas bank. The DOJ complaint revealed a complex laundering network that processed approximately $3 billion through the crypto exchange OKX, which provided key information for the investigation. For traders, a critical takeaway is that the seized USDT will likely be added to a U.S. government crypto stockpile, potentially impacting market supply and dynamics over the long term. This development occurs as NBA legend Shaquille O’Neal agrees to a $1.8 million settlement in a class-action lawsuit over his promotion of the collapsed FTX exchange, highlighting the ongoing legal and reputational risks in the crypto space.