Tether freezes $5.2 million in USDT
Tether, the US dollar stablecoin issuer, recently froze an amount of USD 5.2 million in USDT. This amount was related to the popular "phishing scam" and was stored in 12 suspicious Ethereum wallets.
The chief security officer of on-chain analysis company SlowMist said that these wallets have been used for phishing scams and money laundering. In other words, criminals may use phishing emails or fake websites to defraud victims of personal and account information, etc., and then transfer these funds to different accounts, making the funds more difficult to trace.
In fact, Tether has always been very active in combating criminal financial flows. Since its establishment, Tether has frozen 1.3 billion US dollars in suspicious assets related to hacking attacks, fraud and other means, of which about 1.6 million US dollars are even related to terrorist attacks. related to financing.
🚀Extended reading: Not just the leading stablecoin! Tether transformed into a "financial ecosystem builder" and launched four major departments: data, finance, energy, and education.
Tether actively cooperates with law enforcement agencies and strictly monitors illegal wallets and cash flows.
Tether strictly monitors suspicious USDT addresses and usually blacklists them.
For example, the company blocked three Ethereum USDT addresses holding more than $150 million in value in January 2022. Then in October 2022, Ethereum USDT worth $8.2 million was frozen and 215 Ethereum addresses were added to the blacklist.
Tether also responded quickly to handling financial flows related to terrorist attacks. This includes $817,000 USDT in October 2023 related to terrorist actions in Ukraine or Israel. In November 2023, $225 million in USDT due to relationship fraud was frozen.
In March 2024, Tether cooperated with the U.S. Department of Justice and the FBI to seize USDT worth $1.4 million from a technical support-related fraud network.
Earlier this year, the United Nations stated in a report that USDT was the cryptocurrency of choice for money laundering due to its ease of transfer and widespread use, sparking speculation that the U.S. government might launch an investigation. Brad. CEO of Ripple, the issuer of Ripple. Brad Garlinghouse recently stated on the podcast "World Class" that the U.S. government is about to launch an investigation into Tether, despite Tether playing an important role in the cryptocurrency ecosystem.
Tether CEO Ardoino wrote in response, believing that Garlinghouse is an ignorant CEO who leads a company under investigation by the U.S. Securities and Exchange Commission. He pointed out that Garlinghouse is fear-mongering about USDT.
Ardoino stated in the article that USDT is the most widely used stable currency in the world, with hundreds of millions of users in emerging markets and developing countries. He emphasized the company's use of blockchain technology for transparency and collaboration with global law enforcement to achieve security. So far, Tether has cooperated with 24 law enforcement agencies. In the past year, it has received 198 wallet blocking requests from law enforcement agencies.
Source: CoinTelegraph, CoinMarketCap
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