Tether Responds to UN Report on USDT Use in Crime
Tether is refuting claims made by the United Nations Office on Drugs and Crime (UNODC) that its stablecoin, USDT, is extensively used for money laundering and fraud in Asia. The UNODC report states that criminals in East and Southeast Asia prefer to use USDT on the Tron blockchain due to its stability, ease, anonymity, and low transaction fees. The report also highlights examples of Tether’s freeze of $225 million worth of USDT in certain Southeast Asian wallets connected to romance scams.
However, Tether argues that its collaboration with law enforcement agencies like the Department of Justice (DOJ), Federal Bureau of Investigation (FBI), and Secret Service (USSS) demonstrates their commitment to combating illicit activities. Tether emphasizes that public blockchains enable meticulous transaction tracking, making them impractical for illegal purposes.
Hot Take: Tether Counters UN Accusations with Law Enforcement Collaboration
Tether has responded to accusations from the United Nations Office on Drugs and Crime (UNODC) regarding the use of its stablecoin, USDT, in illicit activities. The UNODC claims that criminals in Asia prefer using USDT due to its stability and low transaction fees. They allege that online gambling platforms operating illegally are often used to launder money through USDT. However, Tether argues that their collaboration with global law enforcement agencies proves their commitment to monitoring transactions. They assert that public blockchains allow for meticulous tracking, making them an impractical choice for illicit activities.
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