DOJ Seizes $9M in Tether from "Pig Butchering" Scam

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Diving deep into today's web3 currents:

💰Tether's Market Cap Soars by $20 Billion

💼 Coinbase Urges SEC: Clarity Needed in Crypto Rules

💸 Netflix's "Conquest" Director's $4M Dogecoin Gamble Sparks Legal Clash

🚫 Binance's CZ Faces Travel Restrictions Amid Guilty Plea

The U.S. Department of Justice (DOJ) has successfully seized $9 million worth of Tether (USDT) linked to a "pig butchering" scam.

Using advanced techniques, the U.S. Secret Service traced victim deposits laundered through various cryptocurrencies in a practice termed "chain hopping." Tether collaborated with the DOJ and OKX to freeze $225 million worth of its stablecoin. The seizure marks a pivotal moment in the fight against cryptocurrency-related crimes. Meanwhile, Tether, the largest stablecoin, has experienced remarkable success, with a surge in market capitalization exceeding $20 billion in 2023, fueled by factors such as anticipation of a Bitcoin ETF and increasing demand in emerging markets.

Coinbase, a major U.S. cryptocurrency exchange, has renewed its call for clear regulations from the SEC, citing the recent SEC lawsuit against Kraken as evidence of the necessity for regulatory clarity.

Coinbase's response to the SEC's letter, indicating a status report on the crypto regulation petition, underscores the ongoing push for industry rules. Despite regulatory scrutiny on other exchanges, Coinbase has experienced a remarkable 43% surge in share prices in the past month. Meanwhile, Coinbase CEO Brian Armstrong's involvement in ResearchHub, a project aiming to revolutionize scientific publishing with cryptocurrency incentives, is gaining value and attention.

Director Carl Erik Rinsch of Netflix's sci-fi series "Conquest" has allegedly diverted $4 million from the show's budget into Dogecoin investments, resulting in a $27 million profit.

Rinsch now demands an additional $14 million from Netflix, leading to a contentious arbitration proceeding. Despite Netflix's $55 million commitment, no episodes of "Conquest" have been delivered. Rinsch's audacious financial moves, including stock market dabbling and Dogecoin investment, triggered a legal battle with Netflix. Meanwhile, Dogecoin is set to make history by joining Bitcoin in Astrobotic's lunar mission on Dec. 23, underscoring the cryptocurrency's enduring appeal.


Former Binance CEO Changpeng Zhao (CZ), who pleaded guilty to violating the Bank Secrecy Act, faces restrictions on leaving the U.S. ahead of his February sentencing.

Prosecutors argue that Zhao, a UAE citizen with minimal ties to the U.S., should not be allowed to leave, expressing concerns about his potential non-return. While Zhao's attorneys cite family hardship if he stays in the U.S., prosecutors insist on restricting his departure due to the risk of flight. Zhao, currently in the U.S. until at least Nov. 27, faces potential imprisonment and a fine, with prosecutors questioning the adequacy of his current bond arrangement.

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