Tether Aids Dutch Authorities, U.S. Secret Service in Takedown of Major Crypto Money Laundering Operations

In a recent joint operation, the Dutch Fiscal Information and Investigation Service (FIOD), the National High Tech Crime Unit (NHCTU) of the Netherlands Police, and the United States Secret Service successfully took down two major cryptocurrency exchanges suspected of facilitating money laundering activities. Tether, the largest company in the digital assets industry, actively and voluntarily assisted authorities during this operation, freezing large amounts of cryptocurrency. This collaboration reaffirms Tether’s commitment to combating the illicit use of stablecoin technology and supporting global law enforcement efforts.

Cryptex and pm2btc were under investigation for laundering funds linked to criminal activities, including ransomware. Operating through Dutch infrastructure, these services provided channels for criminals to convert cryptocurrencies into national currencies. Initially separate, the investigations were later merged and led by the FIOD, with support from the NHCTU and Amsterdam police’s cybercrime team.

Working alongside Tether and Chainalysis, law enforcement froze cryptocurrency worth €7 million, marking a significant victory in the ongoing fight against financial crime. Tether also froze various wallets that were recently added to the SDN List in connection with Cryptex. These actions underscore Tether’s proactive efforts to safeguard the financial ecosystem and prevent the misuse of stablecoins. In its announcement, the FIOD acknowledged Tether and Chainalysis for their “close” collaboration in securing these assets.

“Tether is unwavering in its commitment to support global law enforcement in the fight against the illicit use of cryptocurrencies,” said Paolo Ardoino, CEO of Tether. “We strongly oppose any criminal exploitation of digital assets and pledge our continued collaboration with law enforcement agencies worldwide to uphold the security, trust, and integrity of the digital finance space.”

Tether’s proactive approach to assisting law enforcement reflects its dedication to transparency and accountability in the cryptocurrency sector. To date, Tether has worked with over 180 law enforcement agencies across 45 jurisdictions. It has blocked more than $1.8 billion in assets linked to illicit activities, helping recover funds and protect the broader financial ecosystem.

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