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Home Markets Cryptos

U.S Government sues for millions of USDT purportedly stolen

Olumide Adesina by Olumide Adesina
September 26, 2021
in Cryptos, Markets
Crypto traders transfer USDT 100,000,000, Why OMG integrated with Tether
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The United States Attorney’s office recently filed a civil complaint accusing four digital wallets containing more than 9.8 million Tether (USDT) of being involved in wire fraud, computer fraud, and money laundering. The complaint was led by U.S. Attorney, Tracy Wilkinson.

In April 2021, a California resident was swindled out of over 200 Bitcoin (BTC) by someone pretending to be a Coinbase employee, court documents stated.

It appears that the unidentified victim, shortly after buying some 200 BTC on Coinbase Pro, was contacted by Coinbase customer service.

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Read: Tether promises USDT audit in the coming months

An alleged representative of the platform told the victim that the amount of the purchase had frozen the victim’s account and that a transaction limit increase was required to process the funds. Furthermore, the scammer suggested that the victim upgrade to Coinbase Prime.

The swindler initiated a transaction once the victim gave them access to the account via remote desktop to which they transferred approximately 206 BTC to what was supposed to be the victim’s new Prime wallet.

Within a few hours, several smaller transactions were also executed which resulted in the theft of nearly $11.5 million in digital assets from the victim’s Coinbase account.

The claim further describes how the digital assets were divided up into smaller transaction pieces and later concentrated in the four suspect wallets.

Read: Why it is risky to convert your naira to dollars or USD(T)

For the time being, the government has asked the court to allow it to seize the assets.

The federal government must prove the funds are forfeitable, according to Daniel Davis in an interview with Cointelegraph. He stated that if the plaintiff prevails, he or she will forfeit the proceeds to the United States before they can be returned to the legitimate owner.

“Using civil forfeiture authority to seize digital assets is a growing trend in which the federal government is trying to seize digital assets. In the future, civil forfeiture actions will grow as digital assets become more popular, especially if the government believes they were part of illegal activity,” Davis said.

Read: Tether executives could face criminal charges

Experts further believe the recovery of stolen cryptocurrency is an urgent need as one of the biggest issues in the space is stolen digital assets. Hopefully, law enforcement, as well as civil litigants, will take more actions like this.

Tags: CoinbaseCryptocurrencydigital assetsTetherUSDT
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 2

  1. Thomas Walker says:
    September 30, 2021 at 5:44 am

    It actually hurts and bring tears to my eyes when I read comments of scammed victims ripped off by FAKE HACKER. I know actually how it feels and hurts to lose money you have worked half of your life to invest with the thought of getting return when you are retired. I was a victim of such and I was scammed by a binary option platform I lost about $135,000 to them. It was a really hard time for me because that was all I have .. I was referred to Crypto Emperor who’s an expert in making recovery of lost funds then I gave him a try and he successfully helped me in recovering all that I’ve lost From the platform, I was in shock because I couldn’t believe this was possible because I lost all hope in contacting anyone on the internet, So I’m taking a step forward to render solution to those affected and help them get back every penny they lost. I recommend Crypto Emperor to anyone who want to make recovery of his lost funds he is an experienced and Certified Bitcoin Recovery Expert and a bitcoin miner. with a spare master key his Service takes just within 7days You can contact him on Email : cryptoemperor143 @gmail com

    Reply
  2. kamala finn says:
    December 2, 2021 at 9:48 am

    Times have changed. Technology is evolving everyday. There are new innovations that do not only trace bitcoin addresses but find out what platform or exchange they belong to. Anyone would agree that this is a big step in recovering coins. I lost over $60000 to Binary Options Trading but thanks to a private hacker and his team for their professional and Ethical service rendered in recovering all of my money from this scam binary options company. You can mail them if you need to recover your money back also. Information is Key.

    Contact:

    MATTDUNHAM928 at gee male dot com

    Reply

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