Tether Freezes Addresses Linked to Illicit Activity in Israel and Ukraine
Tether, the stablecoin issuer, has confirmed that it has frozen 32 addresses connected to illicit activity in Israel and Ukraine. These addresses hold approximately $873,118 worth of the Tether stablecoin. The company is actively collaborating with the National Bureau for Counter Terror Financing in Israel to combat crypto-funded terrorism and warfare. Paolo Ardoino, the newly appointed CEO of Tether, highlighted the transparency of cryptocurrency transactions on blockchain platforms. He emphasized that cryptocurrency transactions are not anonymous but rather traceable and trackable assets. This counters the narrative that cryptocurrencies enable criminal activity. Tether has also collaborated with 31 agencies across 19 jurisdictions, assisting in investigations and freezing around $835 million in assets associated with theft and other criminal activities.
Tether’s Collaboration with Agencies Across Multiple Countries
Tether has partnered with various agencies in 32 countries including Brazil, Singapore, Germany, Canada, China, and the United States. Through these collaborations, Tether has supported investigations and frozen assets worth approximately $835 million. The frozen assets primarily stem from theft incidents such as blockchain and exchange hacks. However, a smaller portion is linked to other criminal activities. By cooperating with these agencies, Tether aims to prevent the misuse of its stablecoin for illicit purposes. This cooperative effort demonstrates Tether’s commitment to promoting transparency within the cryptocurrency industry and combating illegal activities associated with digital currencies.
Hot Take: Tether Takes Action Against Illicit Activity
Tether’s decision to freeze addresses involved in illicit activity showcases its dedication to maintaining a safe and secure crypto ecosystem. By working closely with international agencies, Tether aims to prevent the misuse of its stablecoin for criminal purposes such as terrorism financing. This proactive approach highlights the transparency of cryptocurrency transactions and counters the misconception that digital currencies enable illegal activities. Tether’s collaboration with multiple jurisdictions demonstrates its commitment to global cooperation in combating financial crimes within the crypto space. Through these efforts, Tether sets a precedent for other players in the industry to prioritize security and integrity, ensuring a more trustworthy environment for all participants.
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