Minority investment firm Tether, which issues one of the largest cryptocurrencies, has announced a strategic investment in Crystal Intelligence, a blockchain analysis company. The practice is a smaller part of Tether's larger mission to ensure that cryptocurrency is not utilized in criminal acts.
The collaboration aims to modernize equipment used in detecting suspicious online transactions. The two companies have also introduced Scam Alert (scam-alert.io), a real-time site that displays scam wallet addresses in real-time.
Concern about crypto-related fraud has been increasing in recent times. In the United States, the FBI numbers revealed that in 2024, consumers lost a total of $9.3 billion through digital currency scams. Tether, in turn, has cooperated with law enforcement in 55 countries and states to lock away over $2.7 billion worth of USDT associated with criminal enterprises.
The investment was also aligned with the company's mission to protect users and ensure the safety of digital currencies, as confirmed by Tether CEO Paolo Ardoino. He added that tracking technologies would be used in real-time to improve their ability to detect such fraud and take action within a shorter timeframe than the agencies have. Ardoino said that the USDT was made in such a way that it would not be used to suit malicious interests.
Navin Gupta, CEO of Crystal Intelligence, was pleased with the support that Tether offered and indicated that it demonstrates their faith in their preventive strategy. Gupta focused on aggressively addressing the issue of digital crimes, affirming that it is necessary to prevent such crimes in their early stages of development.
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Tether also undertook internal upgrades to ensure global compliance. These involve the risk assessment tools and their enhanced tracking system, which aim to maintain transparency and compliance with regulations. The firm even has contractual work with the American Secret Service and the FBI, among others.
These alliances facilitate the identification and seizure of online funds associated with international criminal activities. Tether states that this investment in Crystal Intelligence is part of its effort to create a secure, accountable, and well-regulated digital economy.