LONDON, Tether, a prominent cryptocurrency issuer, has taken an unprecedented step in freezing 32 virtual wallets linked to crypto-funded terrorism and warfare in Israel and Ukraine. This resolute action, as reported on Monday, has garnered attention due to the collective value of the frozen addresses, totaling $873,118.34.
In a press release, Tether disclosed that it has been actively collaborating with the National Bureau for Counter Terror Financing of Israel to combat these illicit activities. This initiative underscores Tether’s commitment to global security and financial integrity.
The stablecoin issuer, known for its U.S. dollar-pegged stablecoin, USDT, with a substantial market cap of $83.5 billion, now stands as a formidable defense against cryptocurrency-driven cybercrime. Paolo Ardoino, Tether’s newly appointed CEO, emphasized the traceability of cryptocurrency transactions, dispelling the myth of anonymity.
Paolo Ardoino, Tether’s new CEO, emphasized that cryptocurrency transactions are not anonymous but highly traceable. Every transaction is recorded on the blockchain, making it feasible to trace fund movements. This move by Tether demonstrates its commitment to responsible blockchain technology use and its resolve to combat cybercrime.
Notably, Tether has a track record of periodically freezing and returning stolen funds to their rightful owners. To date, the company has cooperated with 31 agencies across 19 jurisdictions, freezing $835 million in assets connected to criminal activities.
Tether’s actions have not gone unnoticed, with its efforts to promote responsible blockchain technology and partnership with global law enforcement agencies gaining traction in the fight against cryptocurrency-funded terrorism. As Ardoino states, cryptocurrency transactions are indeed traceable, and criminals using them for illegal activities will eventually be identified.
This move is a pivotal moment in the cryptocurrency space, reaffirming the industry’s commitment to combating illicit activities and maintaining global security.
It’s essential to highlight the increasing use of cryptocurrency in Ukraine and its association with terrorist financing. Tether’s dedication to collaborating with global law enforcement agencies in the fight against cryptocurrency-funded terrorism underscores its commitment to global security.
While details about the specific wallet owners and the nature of their activities remain undisclosed, this latest move reaffirms Tether’s stance as a robust defense against cybercrime and its commitment to safeguarding financial integrity.