Tether Freezes Wallets Connected to Sanctioned Persons
Tether, the issuer of the USDT stablecoin, has frozen several wallets linked to individuals sanctioned by the US Office of Foreign Assets Control (OFAC). One of the frozen wallets is linked to the $625 million Ronin Bridge attack carried out by the Lazarus Group, a North Korean hacker group. Other wallets are associated with Tornado Cash, a crypto-mixing service connected to crypto crime. The Block reported that 161 Ethereum wallets were frozen, with only 11 of them holding USDT. Tether stated that the move was a precautionary measure to protect the cryptocurrency ecosystem.
Tether’s Ongoing Efforts to Support Ecosystem Security
Tether emphasized that these actions are part of their commitment to work closely with global regulators and law enforcement agencies. This is not the first time Tether has frozen wallets related to illegal activities. In the past, Tether froze wallets associated with Russia’s invasion of Ukraine, as well as wallets linked to human trafficking. The company aims to maintain the security and integrity of stablecoin usage and is actively cooperating with authorities to combat crypto-related crimes.
Hot Take: Tether Taking Proactive Measures to Uphold Industry Integrity
Tether’s decision to freeze wallets connected to sanctioned individuals showcases their commitment to protecting the cryptocurrency industry from potential illicit activities. By cooperating with regulatory bodies and law enforcement agencies, Tether is demonstrating its dedication to maintaining a secure and trustworthy ecosystem for stablecoin usage. These proactive measures not only safeguard the reputation of Tether but also contribute to the overall integrity of the crypto market. Through their actions, Tether sets a precedent for responsible and accountable behavior within the industry.
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