Tether’s Historic USDT Freeze
You should know that Tether, the issuer of USDT stablecoin, has recently initiated the largest USDT freeze in its history. This is an important move that comes as a result of a joint investigation carried out by Tether in collaboration with US law enforcement agencies targeting a human trafficking organization in Southeast Asia.
This recent large-scale USDT freeze by Tether has led to the permanent suspension of approximately $225 million USDT in external custodial wallets linked to an international human trafficking organization operating within Southeast Asia. According to Tether, the firm helped the United States Department of Justice (DOJ) in its enforcement actions against the illicit organization, which was found to be involved in a global ‘pig butchering’ romance scam.
This investigation was conducted by the DOJ, OKX, a centralized exchange (CEX), and Tether, with the use of advanced tools provided by Chainalysis, an American blockchain analysis firm. US law enforcement agencies were actively tracking the location of the illegal organization by analyzing the movement of funds linked to the syndicate through the blockchain.
Upon detecting the wallets connected to the cryptocurrency transactions, the DOJ requested Tether to initiate a freeze, leading to what the firm believes is the largest freeze in the history of USDT.
Tether’s Stance Against Illegal Activities
Tether has emphasized its commitment to aiding global law enforcement agencies in combating illicit activities. The decision to collaborate with the DOJ showcases Tether’s firm stance in ensuring the crypto space is a safe environment for proper growth and development. Paolo Ardoino, Chief Executive Officer of Tether, has declared the company’s dedication to maintaining a safe crypto space while upholding transparency.
He stated that Tether believes in leveraging technology and relationships, like its collaboration with OKX, to proactively address illicit activities and uphold the highest standards of integrity in the industry. Additionally, Chief Innovation Officer at OKX, Jason Lau, also emphasized their commitment to contributing to initiatives focused on keeping the safety and integrity of the crypto space intact.
Hot Take: Tether’s Efforts in Addressing Illicit Activities
Tether’s recent collaboration with US law enforcement agencies to freeze USDT linked to an international human trafficking organization is a significant step in addressing illegal activities in the cryptocurrency space. The company’s commitment to fostering a secure environment and proactively engaging with law enforcement underscores its dedication to setting new standards for safety within the crypto industry.
By
By
By
By
By