In a significant move against digital fraud, Tether has helped Canadian authorities recover a substantial amount of stolen funds. The Royal Canadian Mounted Police announced the seizure of 460,000 USDT, which is worth something like $640,000 Canadian. The money was tied to a pretty complex investment scam that targeted someone in Ontario.
It happened back on July 3rd. The RCMP’s virtual assets team carried out a special warrant, which led to the seizure. The police were pretty clear that Tether’s help made a real difference here. Without that cooperation, recovering the funds might have been much harder, or perhaps even impossible.
How Tether Stepped In
Tether’s CEO, Paolo Ardoino, mentioned that the company’s ability to move fast when freezing suspicious transactions has made it a useful partner for police everywhere. He said they’re proud to have helped in this case and emphasized their focus on keeping the financial system secure. It’s not the first time they’ve done this, either.
Over the past year, Tether has worked with several major agencies. They assisted the U.S. Department of Justice in a $225 million case, helped the Secret Service freeze millions tied to a sanctioned exchange, and took part in seizing funds from a major hack. It seems like they’re getting more involved in these kinds of operations lately.
Why Speed Matters in Crypto Theft
According to Sergeant Ryan Berry from the RCMP, timing is everything when it comes to stolen cryptocurrency. These assets can move across borders in seconds, so investigators have to act fast. The sooner they start tracking, the better the chance of stopping the laundering process.
Berry also stressed that help from private companies is crucial. In this case, Tether’s voluntary assistance was what made the seizure possible. It’s a good example of how public and private sectors can work together on complex financial crimes.
Tether’s Broader Efforts
So far, Tether says it has frozen over $3.2 billion in USDT linked to illegal activities. They use real-time tracking and work directly with law enforcement—more than 290 agencies across 59 countries. That includes blocking wallets connected to terrorism financing, sanctions evasion, and large-scale fraud.
Just in the past twelve months, they’ve blocked 3,660 wallets. More than 2,000 of those were in coordination with U.S. agencies. It’s a pretty staggering number when you think about it. And it shows that, despite some criticism, the company is taking a more active role in policing its own ecosystem.
Whether this kind of intervention becomes standard practice industry-wide is still unclear. But for now, it’s clear that these collaborations can yield real results.
