Tether has frozen assets linked to conflicts in Israel and Ukraine
The issuer of the USDT stablecoin has confirmed its intentions to work closely with law enforcement agencies around the world
Tether USD (USDT), the issuer of Tether USD (USDT), the largest capitalization stablecoin, reported that as a result of cooperation with law enforcement agencies, it has frozen $835 million in stolen funds, most of which were related to the hacking of blockchain services and crypto exchanges.
The company reiterated its intentions to work closely with law enforcement agencies around the world to combat the use of cryptocurrency to finance terrorism and armed conflict. According to the issuer, to date, Tether has contributed to investigations by 31 agencies from 19 jurisdictions around the world.
In the process, the company has worked with law enforcement agencies in Germany, South Korea, Switzerland, Canada, China, India, Israel, Kyrgyzstan, the United Kingdom, Ukraine, the United States and others. Specifically, Tether froze 32 wallets with assets totaling more than $873,000 that were linked to illegal activity in Israel and Ukraine.
"Cryptocurrency is a powerful tool, but it is not designed to commit crimes," wrote Paolo Ardoino, Tether's newly appointed CEO. "Contrary to popular belief, cryptocurrency transactions are not anonymous. They are the most traceable and transparent assets. Every transaction is recorded on the blockchain and anyone can track the flow of funds. Consequently, criminals who foolishly use cryptocurrencies for illegal activities will definitely be detected."
The issuing company emphasizes that while the amount that Tether has been able to freeze and return to the rightful owners is only a fraction of the damage caused to the global economy by cybercrime, the sheer technical feasibility of such transactions demonstrates the innovative capabilities and level of security that blockchain technology can bring to the global financial system.
Last week, Israeli police reported that they had frozen cryptocurrency accounts belonging to Hamas in cooperation with the Binance exchange. The addresses of the donation wallets had been published by the group on social media since the first day of the conflict.
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