Tether reported that since the launch of USDT in 2014, it has helped more than 145 law enforcement agencies in 40 jurisdictions return $108.8 mln in USDT related to illegal activity. But is this really a lot on the scale of the company, the planet, and the scope of fraud itself?
On the scale of Tether, $109 mln returned over 10 years can be safely assessed as a relatively small amount. Tether is the largest issuer of stablecoins with a market capitalization of over $117 bln. In the first half of 2024 alone, the company's net profit was $5.2 bln. Thus, $109 mln for the entire existence of the company is 2% of the half-year profit.
On the scale of the planet and the global financial system, this amount also looks insignificant. USDT daily trading volume often exceeds $50 bln.
As for the scale of fraud in the crypto sphere, $109 mln is also a rather modest figure. There are some well-known cases involving isolated thefts of cryptocurrencies worth hundreds of millions of dollars.
However, it is not worth claiming that the company has not returned anything in 10 years. $109 mln is still a significant amount, especially for specific victims. In addition, Tether has blocked over 1,900 wallets associated with illegal activity, which can be considered a preventive measure.
It should also be noted that these actions demonstrate Tether's willingness to cooperate with law enforcement, which can have a positive impact on the reputation of the company and the crypto industry as a whole.