Tether Takes Action Against Suspicious Crypto Addresses
Tether, the leading issuer of stablecoins, has announced that it has frozen 32 cryptocurrency addresses connected to activities involving war, terrorism, and crime. These accounts, allegedly linked to suspicious operations in Israel and Ukraine, collectively held $873,118. Tether is actively collaborating with Israel’s National Bureau for Counter Terror Financing (NBCTF) to combat these illicit activities.
Freezing Funds Amid Global Strife
In response to the escalating tensions in the Ukraine-Russia war and the conflict between Hamas and Israel, Tether has disclosed that it has frozen funds tied to these conflicts. The 32 addresses in question held a total of $873,118 and are believed to be involved in illicit actions in both Ukraine and Israel.
Tether’s Collaboration with Governmental Bodies
Tether highlights its collaboration with a network of 31 governmental bodies across 19 jurisdictions worldwide. So far, the stablecoin issuer has frozen $835 million from users involved in theft and related offenses. This demonstrates the innovative capabilities and security that blockchain technologies can bring to the global financial system.
Challenging Misconceptions About Cryptocurrency
Tether strongly opposes the notion that cryptocurrency is unsuitable for combating terror financing and crime. The company emphasizes the traceability of blockchain transactions as a powerful tool against illicit activities. According to Tether CEO Paolo Ardoino, cryptocurrency transactions are not anonymous but highly traceable and trackable. Criminals who use cryptocurrencies for illegal purposes will inevitably be identified.
New Leadership at Tether
Paolo Ardoino has recently been appointed as CEO of Tether, while former CEO Jean-Louis van der Velde will transition into an advisory role. Tether currently holds a market valuation of $83.90 billion, accounting for 68% of the stablecoin economy’s total value of $123 billion.
Hot Take: Tether Takes a Stand Against Illicit Activities
Tether’s decision to freeze funds linked to suspicious activities in Ukraine and Israel demonstrates its commitment to combatting illicit actions in the cryptocurrency space. By collaborating with governmental bodies and emphasizing the traceability of blockchain transactions, Tether aims to prove that cryptocurrency is not a tool for crime. With its new CEO, the company is poised to continue leading the stablecoin market while promoting security and transparency.
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