Tether, the largest issuer of stablecoin in the crypto market, has announced that it has blocked the flow of $873,000 in USDT that was earmarked for financing terrorist activities in Ukraine and Israel. This comes after last week’s news of cryptocurrency exchange Binance freezing Hamas-linked accounts. Tether was able to freeze 32 addresses involved in illicit activities with Hamas and other paramilitary groups.
Tether’s Efforts to Combat Illicit Activities
Tether, headquartered in the British Virgin Islands with operations in Hong Kong, has been actively countering the use of cryptocurrencies in connection with cyber theft, drug trafficking, and terrorist activities. The company promptly blocks any addresses that use its products for illicit purposes. Tether’s CTO Paolo Ardoino stated that the company remains committed to promoting the responsible use of Blockchain technology and being a strong defense against cybercrime.
Collaboration with Law Enforcement
Tether has collaborated with global law enforcement agencies to disrupt stablecoin flows involved in illegal activities. The company has worked with agencies in countries such as Brazil, Singapore, Germany, Canada, and the United States. Since November 2017, Tether has blocked a total of 909 addresses with a counter value of $835 million. While this amount may seem small compared to the overall cybercrime market, Tether’s dedication to making the cryptocurrency world a better place remains strong.
Tether’s Ability to Block Addresses
Tether does not have the power to freeze an entire crypto wallet but can block the “send USDT” function to each individual wallet, effectively preventing the spending of the stablecoin. This ability has been criticized by advocates of decentralized culture, who see it as censorship. However, Tether has always acted in good faith to stop criminal entities from exploiting cryptocurrencies for illegitimate activities.
Cryptocurrency Transparency
Paul Ardoino, CTO of Tether, emphasized that cryptocurrency transactions are not anonymous but rather traceable and trackable. Every transaction is recorded on the blockchain, making it possible to identify criminals using cryptocurrencies for illegal activities.
Conclusion
Tether, as the largest issuer of stablecoin, has made efforts to combat the use of cryptocurrencies in financing terrorism and other illicit activities. It has blocked numerous addresses involved in these activities and collaborated with law enforcement agencies worldwide. While Tether’s ability to block addresses has sparked debate, the company’s aim to ensure the responsible use of blockchain technology remains strong. Cryptocurrency transactions are transparent and traceable, allowing for the identification of criminals..
#Stablecoin #issuer #Tether #freezes #USDT
Tether’s Efforts to Combat Illicit Activities
Tether, headquartered in the British Virgin Islands with operations in Hong Kong, has been actively countering the use of cryptocurrencies in connection with cyber theft, drug trafficking, and terrorist activities. The company promptly blocks any addresses that use its products for illicit purposes. Tether’s CTO Paolo Ardoino stated that the company remains committed to promoting the responsible use of Blockchain technology and being a strong defense against cybercrime.
Collaboration with Law Enforcement
Tether has collaborated with global law enforcement agencies to disrupt stablecoin flows involved in illegal activities. The company has worked with agencies in countries such as Brazil, Singapore, Germany, Canada, and the United States. Since November 2017, Tether has blocked a total of 909 addresses with a counter value of $835 million. While this amount may seem small compared to the overall cybercrime market, Tether’s dedication to making the cryptocurrency world a better place remains strong.
Tether’s Ability to Block Addresses
Tether does not have the power to freeze an entire crypto wallet but can block the “send USDT” function to each individual wallet, effectively preventing the spending of the stablecoin. This ability has been criticized by advocates of decentralized culture, who see it as censorship. However, Tether has always acted in good faith to stop criminal entities from exploiting cryptocurrencies for illegitimate activities.
Cryptocurrency Transparency
Paul Ardoino, CTO of Tether, emphasized that cryptocurrency transactions are not anonymous but rather traceable and trackable. Every transaction is recorded on the blockchain, making it possible to identify criminals using cryptocurrencies for illegal activities.
Conclusion
Tether, as the largest issuer of stablecoin, has made efforts to combat the use of cryptocurrencies in financing terrorism and other illicit activities. It has blocked numerous addresses involved in these activities and collaborated with law enforcement agencies worldwide. While Tether’s ability to block addresses has sparked debate, the company’s aim to ensure the responsible use of blockchain technology remains strong. Cryptocurrency transactions are transparent and traceable, allowing for the identification of criminals..
#Stablecoin #issuer #Tether #freezes #USDT