In recent years, developments in blockchain technology have led to a growing interest in crypto assets and tokens. While blockchain technology is commonly used for investment purposes, for some individuals it also serves as a means of transferring assets to others without requiring any centralized control or approval.
Although decentralization and anonymity are among the core principles of blockchain technology, the legal framework in many countries around the world has not yet fully adapted to this system. For example, in Türkiye, the use of crypto assets and tokens as a means of payment has been explicitly prohibited by the Regulation No. 31456 dated April 16, 2021.
The desire of individuals to freely dispose of their assets and sometimes avoid the supervision of the traditional banking system has led to the establishment of numerous trading and exchange platforms for crypto assets. Some of these platforms claim to be decentralized, which often makes it difficult to identify the owners of crypto wallets. As a result, these platforms are sometimes used by malicious actors for fraudulent activities.
Particularly on globally known platforms where crypto assets are bought, sold, or exchanged, well-intentioned users may suffer financial losses. In some cases, they may even become subject to criminal investigations.
What is USDT Fraud?
As mentioned above, individuals who hold crypto assets on various online platforms can trade or exchange these assets. Examples of such platforms include certain globally recognized cryptocurrency trading platforms. Some of these platforms operate with a decentralized structure, while others maintain offices and a more centralized operational model.
On such platforms, users may sell their crypto assets to other users and convert them into cash. Since Tether (USDT) is pegged to the US dollar, many people consider it a type of “digital dollar.”
At this stage, some well-intentioned users may list their USDT for sale in order to receive cash in return. However, they may unknowingly become involved in a fraudulent scheme.
Fraudsters who see the listing on the platform initiate a purchase request. However, the payment for the USDT is not sent from the fraudster’s own account. Instead, the money is transferred from a third party who has been deceived through fraudulent methods.
For example, if a user lists 10 USDT for sale on a crypto trading platform, the money may arrive in the seller’s bank account from a third person who is actually unaware of the transaction. This third person may have been deceived by the fraudster and persuaded to make a bank transfer. After the seller receives the money in their bank account, they send the USDT to the fraudster’s crypto wallet.
As a result, the fraudster obtains the USDT while remaining anonymous. When the third party later realizes that they have been scammed, they file a complaint against the recipient of the bank transfer — namely the good-faith USDT seller. In such a situation, the seller may face allegations of fraud.
For this reason, receiving cash payments directly into your personal bank account in exchange for USDT sales may pose serious risks. Malicious individuals may both obtain your valuable crypto assets and leave you facing a criminal investigation as a fraud suspect.
To avoid such situations, it is recommended to use registered and licensed cryptocurrency exchange platforms operating in Türkiye. By selling your USDT directly through such platforms, you can receive the corresponding funds within your exchange account. The funds can then be withdrawn to your bank account, reducing the risk of suspicious transactions.
