Tether Blocks Six Wallets Linked to Russia Finiko Ponzi Scheme
Tether has taken action against six new wallets on the Ethereum network, possibly due to their association with the Russia Finiko ponzi scheme. The wallets in question were flagged by blockchain intelligence firm ChainArgos for making suspicious transfers to Finiko-linked addresses. However, no other suspicious transactions were observed from these addresses.
Background on Finiko Ponzi Scheme
Finiko was a pyramid scheme that originated in Russia in 2018 and resulted in victims losing approximately $95 million. While the leader of the scam, Edvard Sabirov, was arrested by Interpol last year in the UAE, other members of the scam remain at large.
Tether’s Actions and Monitoring
In addition to the Ethereum wallets, Tether also blocked an address from TRON. However, analysts did not detect any suspicious activity from this address, with only one significant transfer worth $7,000 USDT from Bitfinex. Tether has been actively monitoring wallets associated with cybercrime and illicit activities as part of its compliance efforts with U.S regulators.
No Clear Link to Malicious Activities
At present, there is no clear and evident connection between these seven wallets and major malicious activities. Tether has not yet issued a statement regarding its decision to block these wallets.
Hot Take: Tether Cracks Down on Wallets Associated with Ponzi Scheme
Tether’s recent move to block six wallets linked to the Russia Finiko ponzi scheme demonstrates its commitment to combating fraudulent activities within the crypto space. By actively monitoring and taking action against suspicious addresses, Tether aims to ensure compliance with regulatory standards and protect its users from potential scams. While no definitive evidence of malicious activities has been found in these wallets, Tether’s proactive approach sends a strong message that it is dedicated to maintaining the integrity of its stablecoin and the overall crypto ecosystem.
By
By
By
By