Tether, the
world’s largest stablecoin company, is intensifying its efforts to curb the
illegal use of cryptocurrencies for funding terrorism and other criminal
activities. The company has been actively cooperating with law enforcement
agencies worldwide, recently addressing mainly armed conflict in Ukraine and
Israel. As a result, it has frozen $835 million in assets, primarily related to
thefts and exchange hacks.
Tether has
so far assisted 31 law enforcement agencies across 19 countries, including the
United States, Brazil, and Germany, among others. The company has frozen a
total of $835 million in assets, primarily related to thefts like blockchain
and exchange hacks. A smaller portion of the frozen assets is linked to other
types of crimes.
The company
has specifically frozen 32 addresses containing approximately $873,118, which
were identified as being involved in illegal activities in Israel and Ukraine.
Tether has been collaborating with the National Bureau for Counter Terror
Financing (NBCTF) in Israel to counteract cryptocurrency-funded terrorism.
While the
$835 million frozen by Tether represents a small fraction of the $445 billion
lost globally to cybercrime, it showcases the potential of blockchain
technology in enhancing security within the financial system. According to
Tether, the ability to freeze and return stolen funds to their rightful owners
is an innovative feature that traditional…
