Recent investigations have highlighted a significant connection between Tether, a popular stablecoin, and the alarming rise in 'pig butchering' crypto scams, which have reportedly netted more than $75 billion in fraudulent activities. Critics, including the user Bitfinexed, accuse Tether of facilitating these scams by allegedly engaging in secret arrangements that enable criminal organizations to launder the proceeds of these scams. A study conducted by John Griffin of UT Austin, mentioned by both Decrypt Media and Bloomberg, has tracked thousands of crypto addresses linked to these scams, revealing that most of the scammed funds were converted into Tether. This has raised concerns over Tether's role in the broader ecosystem of financial crimes, including market manipulation, bank fraud, and money laundering, among others. The situation is further complicated by the involvement of service providers like Binance, which has faced its own legal challenges, including fines for money laundering, in its association with Tether.
How it started. How it’s going. Myanmar civil war combatants make Tether official, suddenly Myanmar becomes a hotbed of pig butchering featuring Tether funded and supported human trafficking and slavery and tens of billions of dollars stolen from scam victims around the world.… https://t.co/RSd43GvbrD
Pig-Butchering Crypto Scams Net More Than $75 Billion: Study https://t.co/39mQ6RdX3g https://t.co/jMkHMb5FMd
In comes a service provider that works for the Tether fraud to do damage control for Tether. Remember kids, CZ pled guilty to money laundering and Binance had to pay billions of dollars in fines. Binance was a customer of Chainalysis and used their so-called "product" since… https://t.co/HUHMWWBwNU
Pig Butchering Scams: Last Week Tonight with John Oliver (HBO) https://t.co/moFCMo7x2F via @YouTube
Even if this is inflated** these 4-year numbers are likely closer imho than the very low estimates provided by government reporting. Summary of the article: a) Pig-butchering scams have likely stolen over $75 billion worldwide, significantly more than previous estimates. b)… https://t.co/eA4w4B8lcg
Great job Tether fraud. Enabling Chinese cyber criminals to rip off a whopping $75 billion dollars from victims around the world. So let’s see, Market manipulation Bank fraud Terrorism financing Sanctions evasion Human trafficking Money laundering Dumb tweets https://t.co/IucmutmoxB
pig-butchering scammers netted $75 BILLION (!!!) according to a new study by UT Austin's John Griffin *gift link* https://t.co/z3DNoBEE8K
Most of Tethers assets are proceeds of pig butchering? You mean to tell me that legitimate institutionalized investors aren’t actually sending billions of dollars to the tether fraud? It’s criminal organizations? Sounds like Tether has been preparing for this bad news. https://t.co/1kPRgvcKMJ https://t.co/elQdXTODYw
Pig-Butchering Scams Netted More Than $75 Billion via @ZekeFaux "University of Texas professor tracked 4,000 crypto addresses; Criminals converted most of proceeds into stablecoin Tether" https://t.co/grFDXEGmWl
More than $75 billion has been lost to pig-butchering scams, a new study shows https://t.co/bLsWR6aJSG
‘Pig Butchering’ Crypto Romance Scams Up 85 Times Since 2020 ► https://t.co/iXRgZ7B5re https://t.co/iXRgZ7B5re
Before Tether After Tether SBF trusted the Tether fraud. Worked out well for him. I’m sure we can trust the Tether fraud. https://t.co/ASq167r2Z1
It’s well established that the Tether fraud prints tethers out of thin air for their buddies to buy crypto. These are only the “secret” arrangements that we know about, of course, theirs dozens more of these arrangements with the Tether fraud. If tether is willing to fund… https://t.co/Y3QvhVOfJ4 https://t.co/69e5fRrvyi