Tether Sued Over Frozen Cryptocurrency Tokens, Students Receive Crypto Loans: Asia Express
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News
Tether Sued Over Frozen ‘Pig Butcher’ Coins
Thai businessmen have sued Tether in a New York district court over the freezing of $42 million in USDT, tied to a pig butchering scam. The plaintiffs allege that Tether illegally froze the funds without a warrant in October 2025, following an informal request from US Homeland Security Investigations. A seizure warrant was issued later in February 2026, directing the burn and reissuance of the tokens.
Magazine
- Published: Sep 3, 2026
Thai Businessmen Sue Tether Over Frozen Pig Butchering Case
Two Thai businessmen are suing Tether for freezing $42.4 million in USDT as part of a broader case involving a pig butchering scheme. While the plaintiffs admit their involvement, the lawsuit challenges Tether’s authority to freeze stablecoin holdings without a formal warrant.
Thailand Strengthens Crypto Regulations
Thailand is enhancing crypto transfer oversight, including checks on self-custodial wallets, to align with global Anti-Money Laundering (AML) standards. The Securities and Exchange Commission (SEC) has issued new Travel Rule regulations requiring digital asset operators to collect information about crypto transfer parties. These rules will take effect on February 27, 2027.
Thailand SEC Proposes Retail Access to Overseas Crypto Derivatives
The Thai SEC has proposed allowing intermediaries to facilitate retail access to certain digital asset derivatives traded overseas. The proposal outlines requirements for eligible products, including similar underlying assets, maturity, leverage, and settlement methods as domestic derivatives.
Asia’s Crypto News
Pencil Finance Finishes Onchain Student Loan Cycle in Southeast Asia
Pencil Finance has completed a $1 million on-chain student loan cycle, providing financing to 6,600 students in Southeast Asia who were previously underserved by traditional lenders. Approximately 1,050 students received direct funding, with 50% female borrowers and 93% from lower-income households.
Ripple and Coincheck Expand Crypto Custody Services
Ripple has partnered with SettleMint to offer financial institutions solutions for tokenized asset custody and management. Meanwhile, Coincheck Group has collaborated with DFNS to build digital asset wallet technology and custody services in Japan.