Tether Recognized for Assisting the United States Secret Service in $23m Freeze Related to Transfers on Sanctioned Exchange, Garantex
7 MARCH, 2025 – Tether, the largest company in the digital assets industry, announced today that it has assisted the United States Secret Service (USSS) in freezing $23 million in illicit funds linked to transactions on the Russian-sanctioned exchange, Garantex.
Over the past year, Tether has worked on multiple cases with law enforcement, including assisting the U.S. Department of Justice and the USSS in seizing $9 million in USDT tied to a pig butchering scam and another $1.4 million worth of USDT tokens from a tech support scam network. More broadly, Tether has worked closely with law enforcement to block 2,090 wallets, including 960 in coordination with U.S. agencies. Over three years, Tether has voluntarily assisted with freezing illicit USDT in over 900 law enforcement requests, about 460 of which came from U.S. agencies. To date, Tether has frozen more than $2.5 billion in USDT tied to illicit activities, reinforcing its dedication to anti-money laundering efforts.
Working alongside more than 235 law enforcement agencies across 55 jurisdictions, Tether enforces a strict wallet-freezing policy to combat money laundering, nuclear proliferation and terrorist financing and is also aligned with the OFAC Specially Designated Nationals (SDN) List, targeting wallets associated with sanctioned individuals and high-risk activities. Tether’s proactive measures have played a critical role in expediting the detection and recovery of illicit funds, demonstrating its unwavering commitment to public safety, financial security and regulatory compliance.
“Tether’s ability to track transactions and freeze USDt linked to illicit activity sets it apart from traditional fiat and decentralized assets,” said Tether CEO Paolo Ardoino. “We take our responsibility to combat financial crime seriously and will continue working closely with global law enforcement agencies to prevent bad actors from exploiting stablecoin technology.”
According to TRM Labs, illicit crypto transactions declined to $45 billion in 2024, representing just 0.4% of total crypto transaction volume. As part of a joint effort between Tether, TRON, and TRM Labs, the T3 Financial Crime Unit successfully froze over $100 million in criminal assets in the last four months of 2024 alone.
Tether remains resolute in its commitment to combat illicit activities and safeguard the integrity of the cryptocurrency ecosystem. By leveraging advanced tracking tools, Tether enhances law enforcement’s ability to trace USDt transactions across multiple blockchains, strengthening the global fight against illicit financial flows. For more information on Tether’s proactive efforts and actions, visit TetherFacts.
