Tether Freezes $870K USDT Linked to Terrorism

Tether, in collaboration with law enforcement, freezes $873,118 in assets linked to terrorism in Israel and Ukraine.

Oct 17, 2023 - 11:40
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Tether Freezes $870K USDT Linked to Terrorism
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Tether, in a joint effort with local law enforcement agencies, froze 32 addresses believed to be connected to terrorist activities in both Israel and Ukraine. The total amount frozen amounted to $873,118. This action was not taken in isolation but in close collaboration with Israel's National Bureau for Counter Terror Financing.

Paolo Ardoino, who assumed the role of Tether's CEO in October, shed light on the common misconception about cryptocurrency transactions. He emphasized:

“Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets." 

Ardoino further elaborated on Tether's commitment to working alongside global law enforcement agencies. Their goal is to monitor, trace, and when necessary, freeze assets associated with criminal and terrorist activities.

This isn't the first time Tether has taken such measures. In 2022, the company froze assets worth over $360 million. Following this, Tether reissued more than $100 million of USDT that had been intercepted. As of now, the company estimates that it has frozen assets totaling around $835 million in USDT. These freezes are primarily related to incidents involving blockchain and cryptocurrency exchange hacks. Tether's collaborative efforts span 32 countries, all aimed at addressing and mitigating illicit cyber activities involving its dollar-backed stablecoin.

In June 2023, Israel's defense minister, Yoav Gallant, made a significant announcement. The country had successfully seized cryptocurrency wallets containing millions of dollars. These funds were believed to have been transferred to Hezbollah, the Lebanese militant group. With the aid of Chainalysis' blockchain analysis tools, the operation resulted in the seizure of over $1.7 million in cryptocurrency.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.