Tether sued over frozen ‘pig butcher’ coins, 6,600 students get crypto loans: Asia Express

THAILAND

Thai businessmen sue Tether for freezing $42M in $61M pig butchering case

Two Thai businessmen have sued stablecoin issuer Tether in a New York district court, claiming it illegally froze $42.4 million in Tether USDt (USDT) in October, as part of a broader case tied to a pig butchering scheme.

The plaintiffs claimed that Tether illegally froze the $42 million without a warrant in October 2025, following an informal request from US Homeland Security Investigations.

Authorities in the Eastern District of North Carolina only issued a seizure warrant for the funds later in February 2026. The warrant directed the burn and reissuance of the tokens to a government wallet. 

While the plaintiffs didn’t dispute their involvement in the investment scam, the lawsuit tests the freezing authority of stablecoin issuers.

Thailand adopts crypto Travel Rule with self-custodial wallet checks

Thailand is tightening oversight of crypto transfers, including transactions involving self-custodial wallets, as it moves to align with global Anti-Money Laundering (AML) standards.

Thailand’s Securities and Exchange Commission (SEC) issued new Travel Rule regulations requiring digital asset operators to collect information about parties involved in crypto transfer.