Tether
New York prosecutors have warned that the GENIUS Act, a new law regulating stablecoins, fails to protect fraud victims and allows issuers to profit from stolen funds. In a letter to key senators, Attorney General Letitia James and District Attorney Alvin Bragg argue the legislation provides legal cover to companies like Tether and Circle. They claim these firms resist returning seized assets, prioritizing their own financial gains.
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A school resource officer in Lunenburg, Massachusetts, has helped recover over $100,000 stolen in a cryptocurrency scam, marking the state's first seizure of Tether funds by law enforcement. The investigation began with a local victim's report of a $13,000 loss at a Bitcoin ATM. At least 13 victims stand to benefit from the recovered assets.