Federal authorities in the US state of North Carolina have seized $61 million worth of USDt as part of a series of crypto investment scams run through fake relationships and fictitious investment platforms. The operation was made public by the Office of the Attorney General for the Eastern District of North Carolina. The investigation reveals that this system, in which victims are often defrauded with the promise of emotional relationships over the internet, is carried out in organized cryptocurrency networks.
Fraudulent Platforms and Investment Trap
Scammers communicated with victims via social media and messaging apps, posing as experienced investors in financial markets. They were then shown fake portfolios offering extraordinary returns, which they directed to professional-looking but actually fake crypto investment sites. Investors were encouraged to deposit more and more money into the platforms.
When victims wanted to withdraw their money, they were either denied access to their funds or charged an extra fee to unlock their accounts. Despite these additional payments requested, neither the principal nor the returns reached the victim.
Collaboration and Crypto Trace of Stablecoin Tether
The US Homeland Security Investigations unit found that the monitored assets were laundered by circulating them through different crypto wallets. Finally, the authorities reached the wallet addresses where large amounts of funds were stored, seized the balances there and included them in the legal confiscation process.
Authorities stated that Tether cooperated with the investigation process regarding the freezing and transfer of funds. This development shows that the role of stablecoin issuers is increasing in tracking and blocking funds moving through US dollar-linked tokens.
The Rise and New Methods in Cryptocurrency Fraud
The seizure of funds comes on the heels of a significant increase in fraud in cryptocurrency markets. According to Chainalysis’ 2026 Crypto Fraud Report, total fraud losses reached $17 billion in 2025. The report emphasized that frauds using artificial intelligence-based identity impersonation and social engineering techniques surpass classical phishing and reward-promising methods in terms of profitability.
The “pig butchering” method, which combines romantic guidance and fake investment advice; It stands out as one of the fastest growing types of fraud in terms of the number of victims and the extent of damage.
In February, one of the main perpetrators who spearheaded a system through which more than $70 million in money linked to this method was laundered was sentenced to 20 years in prison in the United States. This punishment also demonstrates the attitude of US judicial institutions towards internationally organized crypto scams.
