RCMP recover 460,000 USD Tether in cryptocurrency for fraud victim

OTTAWA, ON, July 23, 2025 /CNW/ - The RCMP Federal Policing Criminal Operations - Virtual Assets team at National Headquarters have recovered approximately 460,000 USD Tether (USDT) in cryptocurrency after an Ontario resident was targeted by a sophisticated investment fraud.

After obtaining a Special Warrant for Digital Assets, on July 3 the RCMP seized 460,000 USDT—valued at approximately $640,000 CAD—as the proceeds of crime.

RCMP Federal Policing Criminal Operations Sergeant Ryan Berry remarked that prompt reporting by the victim helped officers recover the funds.

"In cases of stolen cryptocurrency, timing is everything," Berry said. "Given the speed at which cryptocurrency assets can be transferred, the sooner investigators begin following the transactions, the higher the likelihood of interdiction and seizure during the money laundering process."

Berry noted that cooperation from Tether International, S.A. de C.V.  also contributed to the successful operation.

"Collaboration and assistance from the private sector are paramount in cryptocurrency investigations," he said. "The voluntary assistance of Tether was instrumental in the seizure and recovery of these funds."

The RCMP urges Canadians to remain vigilant when considering online investment opportunities and to report thefts and frauds to their local police. Suspected fraud can also be reported to the Canadian Anti-Fraud Centre either online at https://antifraudcentre.ca/report-signalez-eng.htm or by phone [phone]).

Fast Facts:

• Cryptocurrency is increasingly a factor in investment frauds. In these cases, victims are introduced to cryptocurrency-related investments via social media, phone calls, online advertisements, and online dating platforms. Using spoofed websites and mobile applications with fake trades and profits, the victims are encouraged to invest money on the investing platform. When the victim attempts to withdraw their investments, they are typically asked for more money for taxes and other fees. Eventually, the perpetrators stops communicating with the victim and the victim realizes they have been defrauded of all the money they believed they were investing.
• Cryptocurrencies bring new and enhanced legal and technical challenges for law enforcement. Unique procedures and authorities are required to search for, seize and transfer cryptocurrency, as well as enhanced diligence to safeguard these assets when handling and disclosing information.
• The RCMP coordination centre on virtual assets (cryptocurrency) was created in Federal Policing Criminal Operations, Financial Crime, to enable the RCMP to adapt and be prepared to work operationally in this environment. The centre has dedicated cryptocurrency employees who ensure that the RCMP stays current with trends and training. These employees also provide guidance to investigators across the country.

Link: https://rcmp.ca/en/news/2025/07/rcmp-recover-460000-usd-tether-cryptocurrency-fraud-victim

SOURCE Royal Canadian Mounted Police Media Relations and Issues Management

Contact information: RCMP Media Relations, National Headquarters, Ottawa, ON, Telephone: [phone], Email: [email protected]