Tether Cracks Down on Crypto Terrorism! See How $835M in Assets Got Frozen!

Bits Logics Team . 16th Oct 2023
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  • Tether stated that they are working closely with law enforcement agencies across the globe to “combat crypto-funded terrorism and warfare.”  
  • The stablecoin company has frozen 32 addresses, containing $873,118.34, that were found to be linked to illicit activity in Israel and Ukraine.
  • The stablecoin company promised to work with law enforcement to remove and eradicate the criminal’s devastating touch on the crypto industry.

Tether, the company behind the stablecoin USDT, has once again taken its stance against the unethical utilization of crypto for terrorism and warfare. Announcing through its press release, Tether stated that they are working closely with law enforcement agencies across the globe to “combat crypto-funded terrorism and warfare.”  

So far, Tether has collaborated with 31 agencies with investigations across 19 jurisdictions, freezing a total of $835 million in assets mostly associated with theft (blockchain and exchange hacks) with a minor portion to other crimes.

After conducting critical investigations, Tether has frozen 32 addresses, containing $873,118.34, that were found to be linked to illicit activity in Israel and Ukraine. Meanwhile, Tether pointed out that it has been working with the NBCTF in Israel to counter cryptocurrency-funded terrorism and warfare.

Some of the countries the stable company has joined forces with include — Brazil, Singapore, Philippines, Germany, South Korea, Norway, Poland, Switzerland, Greece, Canada, Croatia, Italy, Argentina, Australia, Belgium, Cayman Islands, China, Netherlands, El Salvador, Germany, Hong Kong, India, Ireland, Israel, Kyrgyzstan, New Zealand, Spain, Taiwan, UK, Ukraine, Estonia, and the United States.

Expressing the recent happenings, the CEO of Tether, Paolo Ardoino stated:

“Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets. Every transaction is recorded on the blockchain, making it feasible for anyone to trace fund movements. Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified.”

“Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime,” claimed Ardoino in the company’s press release. “We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.”

The stablecoin company promised Tether would continue to work with law enforcement to remove and eradicate the criminal’s devastating touch on the crypto industry. However, the community seems to have backlashed against the company, while few members questioned the authenticity of “decentralization.”