Investing.com | Editor Rachael Rajan
Published Oct 16, 2023 12:36PM ET
In a cooperative effort with Israel’s National Bureau for Counter Terror Financing (NBCTF), Tether, the leading stablecoin issuer, has immobilized 32 virtual wallets suspected of being involved in cryptocurrency-terrorism in Israel and Ukraine. The frozen assets amount to $873,118 in Tether’s USDT stablecoin. This action is part of Tether’s ongoing commitment to countering cybercrime and promoting responsible use of blockchain technology.
Tether CEO Paolo Ardoino has emphasized the company’s dedication to preventing cybercrime. He highlighted the traceability features of blockchain technology that can unveil illegal activities, thus debunking the misconception of anonymous cryptocurrency transactions.
Despite facing scrutiny over its business ethics and reserve adequacy, Tether continues its cybercrime countermeasures. Its USDT stablecoin, pegged to the U.S. dollar, has an impressive market cap of $83.5 billion and provides dollar exposure to international markets.
The company has a history of freezing and reimbursing stolen funds, assisting 31 agencies across 19 jurisdictions in immobilizing crime-related assets totaling $835 million. In November 2022, responding to a law enforcement request, Tether froze $46 million of USDT stablecoins associated with an FTX wallet.
In a related development, Tether worked alongside Binance to assist Israeli police in confiscating Hamas-linked crypto wallets following a surprise attack. This cooperation underscores Tether’s commitment to thwarting terrorism financing globally.
Tether’s actions are indicative of the growing role cryptocurrency companies play in aiding law enforcement agencies worldwide in their fight against cybercrime and terrorism financing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com