In a Monday press release, Tether stated that it had frozen 32 virtual wallets connected to cryptocurrency-funded terrorism and warfare in Israel and Ukraine.
In its efforts, Tether claims to have partnered with Israel’s National Bureau for Counter Terror Financing. Tether is the company behind the largest stablecoin in the world by market cap. The frozen addresses are valued at $873,118.34 as a whole.
With a market worth of $83.5 billion, Tether’s stablecoin, known as tether or USDT, provides dollar exposure to people in various markets throughout the world who would not otherwise have it. Since Tether’s business practices and the condition of its reserves have been questioned, the corporation has also been dealing with worrying charges of wrongdoing.
According to a statement from Paolo Ardoino, the recently appointed CEO of Tether, cryptocurrency transactions are not anonymous; rather, they are the most traceable and trackable assets. The blockchain keeps track of every transaction, enabling anybody to follow the flow of funds. As a result, those criminals who are stupid enough to use cryptocurrency for illicit purposes will undoubtedly be found out.
Tether frequently froze stolen money and gave it back to its rightful owners. According to the business, it has assisted 31 agencies in 19 international jurisdictions in freezing $835 million in assets linked to crime. Additionally, in November 2022, the business responded with a request by law enforcement to freeze USDT worth $46 million that belonged to the defunct cryptocurrency exchange FTX.
Tether is still dedicated to encouraging responsible blockchain technology use and acting as a strong deterrent against cybercrime, added Ardoino.
As part of its dedication to international security and financial integrity, they look forward to continuing working together with law enforcement organizations around the world.
