Tether Freezes 32 Addresses Associated with Criminal Funds
Tether, the largest stablecoin issuer, has announced the freezing of 32 addresses linked to criminal funds in Israel and Ukraine, amounting to $870,000. This move is part of Tether’s efforts to combat cryptocurrency-funded terrorism and warfare, as it collaborates with 31 countries to freeze criminal finances. In total, Tether has frozen $835 million in assets to date.
When Tether freezes an address, it restricts the ability to send USDT from that wallet until the freeze is lifted. This demonstrates Tether’s commitment to protecting its users and preventing criminals from using its stablecoin for money laundering or fraud purposes.
Tether CEO Highlights Traceability of Cryptocurrency Transactions
Tether’s newly-appointed CEO Paolo Ardoino emphasizes that cryptocurrency transactions are not anonymous but rather traceable and trackable assets. Every transaction is recorded on the blockchain, making it possible to trace fund movements and identify those involved in illegal activities.
This level of traceability and Tether’s ability to freeze and return stolen funds showcase the innovative capabilities and security that blockchain technologies bring to the global financial system.
Tether’s Commitment to Law Enforcement and Industry Transparency
Tether’s ability to support law enforcement is based on its capacity to follow the movement of USDT and freeze it following legal proceedings and risk assessments. This is not the first time Tether has demonstrated its commitment to improving transparency in the cryptocurrency industry.
In previous instances, Tether blacklisted an address involved in a hack on Binance Smart Chain, froze funds following a law enforcement request related to an exchange collapse, and assisted in freezing over $360 million in assets last year.
By preventing bad actors from exploiting financial networks and aiding global law enforcement, Tether plays a critical role in building modern payment systems and ensuring global security and financial integrity.
Hot Take: Tether’s Proactive Measures Against Criminal Use of Cryptocurrency
Tether’s actions in freezing addresses associated with criminal funds demonstrate its commitment to combatting illicit activities in the cryptocurrency space. By collaborating with law enforcement agencies worldwide, Tether showcases the industry’s ability to effectively deter criminals.
The traceability of blockchain transactions serves as a powerful tool in preventing and identifying illegal activities. Tether’s efforts not only protect its users but also contribute to the reputation and transparency of the entire cryptocurrency industry.
By
By
By