Tether Freezes $870,000 in Funds Linked to Terrorism in Israel and Ukraine

By 0xK2 10/16/23 2:44 PM

Tether, the largest stablecoin company in the world, has reaffirmed its commitment to collaborate closely with law enforcement agencies worldwide to combat the use of cryptocurrency in terrorism and warfare financing. This announcement comes as a significant step in the ongoing battle to ensure that the digital currency space is not misused for criminal activities.

Tether’s proactive approach to supporting law enforcement agencies globally has yielded impressive results. The company has joined forces with 31 agencies across 19 jurisdictions, effectively freezing a total of $835 million in assets primarily associated with theft, which includes blockchain and exchange hacks. This commitment to combat cryptocurrency-related crime has seen Tether partner with countries such as Brazil, Singapore, the Philippines, Germany, South Korea, Norway, and many others.

Of particular note, Tether recently worked with the National Bureau for Counter-Terrorism Financing (NBCTF) in Israel to counter cryptocurrency-funded terrorism and warfare. In this operation, Tether successfully froze 32 addresses containing $873,118.34 that were linked to illicit activities in Israel and Ukraine. This collaboration showcases Tether’s dedication to global security and its willingness to step up to the challenge of combating cryptocurrency misuse.

Although the total amount of assets frozen by Tether represents only a fraction of the $445 billion cost to the global economy due to cybercrime, it serves as a shining example of the innovative capabilities and heightened security that blockchain technologies bring to the financial system. Tether’s ability to freeze and return stolen funds to their rightful owners demonstrates the tremendous potential for blockchain in creating a more secure global financial environment.

Paolo Ardoino, Tether’s CEO, emphasized the traceability and transparency of cryptocurrency transactions. He stated, “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.”

Ardoino also reinforced Tether’s commitment to promoting responsible blockchain technology use and standing as a robust defense against cybercrime. He expressed his eagerness to continue collaborating with global law enforcement agencies as part of the company’s dedication to global security and financial integrity.

Tether’s efforts to cooperate with law enforcement agencies on a global scale underscore the cryptocurrency industry’s capacity to effectively thwart criminal use. It highlights the traceability of blockchain transactions as a powerful deterrent to illicit activities, setting a standard for responsible use within the industry.

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