Published Oct 17, 2023 02:26
In a recent collaborative effort with Israel’s National Bureau for Counter-Terror Financing (NBCTF), Tether, a prominent stablecoin issuer, has frozen 32 cryptocurrency addresses suspected of ties to terrorist activities in Israel and Ukraine. The frozen addresses collectively held a total of $873,118 in USDT as of Monday.
Paolo Ardoino, the newly appointed CEO of Tether, reiterated the company’s commitment to promoting responsible use of blockchain technology and combating cybercrime. Arduino highlighted the traceability of cryptocurrency transactions as a crucial tool in obstructing terrorist funding channels.
This move by Tether is not an isolated incident. The company has a history of freezing assets linked to illicit activities. In November 2023, Tether froze $46 million of its USDT stablecoin following a legal request tied to an FTX wallet amidst the exchange’s downfall. This action temporarily disabled the “send USDT” function of the wallet, effectively halting any transfer of funds by the owner until the freeze was lifted.
The company has been actively fighting against cybercrime on a global scale. In 2022, Tether froze over $360 million in assets and later reissued more than $100 million of intercepted USDT. In total, Tether has frozen approximately $835 million of USDT predominantly associated with blockchain and crypto exchange hacks.
Tether’s efforts align with broader initiatives to counteract cybercrime involving cryptocurrencies. In June 2023, Israel’s Defense Minister Yoav Gallant seized over $1.7 million from cryptocurrency wallets linked to Hezbollah using Chainalysis tools.
Cybercriminals are increasingly shifting their focus from Bitcoin to stablecoins and alternative coins, taking advantage of their accessibility and potential for laundering through decentralized exchanges (DEXs). This trend underscores the importance of continuous vigilance and cooperation between cryptocurrency companies and law enforcement agencies worldwide.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The App
Join the millions of people who stay on top of global financial markets with Investing.com.
Written By: Investing.com