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Tether, the largest stablecoin by market value, made an important announcement today. Cryptocurrencies have long been associated with illicit activities. Although research shows that crypto is used in very small amounts for criminal purposes on a global scale, it has been the focus of crypto critics for years.
Tether (USDT) Announcement
Crypto companies have been striving to improve their image by developing closer relationships with regulators. Companies like Binance and Tether are also collaborating with law enforcement agencies.
Tether, the largest stablecoin issuer, plays a crucial role in this effort. Today’s announcement was in line with the agenda. The world’s largest cryptocurrency company is determined to isolate its stablecoin, USDT, from terrorism and criminal activities.
The announcement stated:
“To date, Tether has assisted 31 institutions worldwide with 19 investigations and has frozen a total of $835 million in assets, mostly related to theft (blockchain and exchange hacks). The countries Tether has cooperated with include Brazil, Singapore, the Philippines, Germany, South Korea, Norway, Poland, Switzerland, Greece, Canada, Croatia, Italy, Argentina, Australia, Belgium, the Cayman Islands, China, the Netherlands, El Salvador, Germany, Hong Kong, India, Ireland, Israel, Kyrgyzstan, New Zealand, Spain, Taiwan, the United Kingdom, Ukraine, Estonia, and the United States.”
Israel, Ukraine, and Tether
It was announced that 32 addresses were frozen in connection with illegal activities in Israel and Ukraine. These addresses hold a total token balance of $873,000. Tether is working with the NBCTF in Israel to combat terrorism and war financed by cryptocurrency.
Tether CEO Paolo Ardoino said:
“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, enabling everyone to track fund movements. As a result, criminals who are foolish enough to use cryptocurrencies for illegal activities will inevitably be detected.”