Chainalysis traced the funds across several wallets connected to scammers in Southeast Asia. Victims were manipulated through dating apps and websites, convinced to invest in fraudulent schemes, and subsequently drained. One victim alone transferred over $1 million between late 2022 and mid-2023.

Eventually, approximately $46.9 million in Tether (USDT) was moved to five main wallets. Thanks to Tether's ability to freeze USDT, the funds were locked in June 2024 after being flagged to law enforcement.

This isn't the first time. Last year, Tether and OKX helped the DOJ freeze about $225 million linked to a human trafficking syndicate involved in similar scams. Reports also show that romance scams are on the rise: deposits to these scammers increased by 210% in 2024, and overall losses grew by 40% compared to the previous year.

Unfortunately, many of these operations are controlled by trafficking rings where victims are forced to scam others. Marketplaces like Huione Guarantee are also part of this network, reportedly moving over $49 billion in crypto since 2021.

What do you all think? Is freezing funds enough to slow down these scams, or is this just a drop in the bucket compared to how quickly they're growing?