Tether has frozen 32 virtual cryptocurrency wallets linked to terrorism and war financing in Israel and Ukraine, according to a statement published on Monday.
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Tether, which issues the largest stablecoin of the same name, says it is working with Israel's National Office for Combating the Financing of Terrorism in its efforts. The total value of the frozen addresses is $873,118.34.
The stablecoin tether, also known as USDT, which is pegged to the United States, has a market cap of $83.5 billion and provides exposure to the dollar to those in many markets around the world who would not otherwise have access . The company has also faced troubling allegations of wrongdoing for years, with Tether’s business practices and the state of its reserves being questioned.
Tether’s new CEO, Paolo Ardoino, said in a statement: “Despite popular belief, cryptocurrency transactions are not anonymous; on the contrary, they are the most traceable and identifiable funds.” Every transaction is recorded on the blockchain, making it possible for anyone to trace the movement of funds. As a result, criminals who irresponsibly decide to use cryptocurrencies for illegal activities will inevitably be identified.
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Tether has periodically frozen and returned stolen funds to their rightful owners. The company says it has helped 31 authorities in 19 global jurisdictions freeze $835 million in assets linked to criminal activity. Also, in November 2022, the company complied with a request from law enforcement authorities to freeze $46 million in USDT belonging to the bankrupt cryptocurrency exchange FTX.
“Tether remains committed to promoting the responsible use of blockchain technology and being a strong defense against cybercrime,” Ardoino said.
“We look forward to our continued collaboration with global law enforcement authorities as part of our commitment to global security and financial integrity.“
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Source: cnbc
