On Monday, Tether, the leading stablecoin issuer, revealed it had frozen 32 addresses allegedly linked to activities involving war, terrorism, and crime. These USDT accounts are said to have ties to suspicious operations in Israel and Ukraine. The firm further disclosed that it is actively collaborating with Israel’s National Bureau for Counter Terror Financing (NBCTF) to thwart these nefarious activities.
Tether Responds to Global Strife: Halting Funds Tied to Conflicts in Ukraine and Israel
As tensions escalate in the Ukraine-Russia war and the strife between Hamas and Israel, Tether has disclosed the freezing of 32 cryptocurrency addresses. These accounts collectively held $873,118, allegedly tied to illicit actions in both Ukraine and Israel.
Tether detailed that it collaborates with an extensive network of 31 governmental bodies across 19 global jurisdictions. To date, the stablecoin giant has immobilized $835 million from users linked to theft and related offenses.
Tether emphasizes that its capability to halt and reclaim pilfered funds showcases the “innovative new capabilities and level of security that blockchain technologies can bring to the global financial system.”
The firm points out that while some critics and journalists might portray cryptocurrency as ill-suited for countering terror financing and crime, Tether vehemently challenges this depiction. The stablecoin company underscored the “traceability of blockchain transactions” as a potent tool against unsanctioned activities.
“Cryptocurrency is a powerful tool, but it is not a tool for crime,” Tether CEO Paolo Ardoino remarked. “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.” Ardoino added:
Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified.
Ardoino was recently appointed CEO and Tether’s former CEO Jean-Louis van der Velde is transitioning to an advisory position. Tether’s market valuation today is $83.90 billion accounting for 68% of the $123 billion stablecoin economy.
What do you think about Tether freezing 32 addresses allegedly tied to war and crimes? Share your thoughts and opinions about this subject in the comments section below.
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