Tether, the world’s largest cryptocurrency company, has taken significant action against the illegal use of its stablecoin to fund terrorism and crime-related activities. The company has frozen 32 addresses, containing a total of $873,118.34, that were found to be linked to illicit activities in Israel and Ukraine. The company announced the measure in a recent blog post seen on October 16.
Criminals will be identified
Tether CEO, Paolo Ardoino, stated,
“Cryptocurrency is a powerful tool, but it is not a tool for crime. 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. Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified”.
A commitment to global security
Tether has been working closely with Israel’s National Bureau for Counter Terror Financing (NBCTF) to counter cryptocurrency-funded terrorism and warfare. This collaboration underscores Tether’s commitment to global security and financial integrity.
To date, Tether has aided 31 agencies worldwide with investigations across 19 jurisdictions. The company has frozen a total of $835 million in assets, mostly associated with theft (blockchain and exchange hacks), with a minor portion linked to other crimes. Some of the countries Tether has collaborated with include Brazil, Singapore, Philippines, Germany, South Korea, Norway, Poland, Switzerland, Greece, Canada, Croatia, Italy, Argentina, Australia, Belgium, Cayman Islands, China, Netherlands, El Salvador, Germany, Hong Kong, India, Ireland, Israel, Kyrgyzstan, New Zealand, Spain, Taiwan, UK, Ukraine, Estonia and the United States.
Capacity to thwart criminal use of crypto
Despite Tether’s active support of law enforcement agencies globally, there are still some journalists and detractors within the blockchain industry who attempt to spin a case against the crypto industry. However, Tether’s proactive measures underscore the cryptocurrency industry’s capacity to thwart criminal use effectively.
Tether’s actions highlight the traceability of blockchain transactions as a powerful deterrent to illicit activities. The company remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime