Stablecoin issuer Tether has decided to freeze 32 addresses linked to terrorist activities in Israel and Ukraine in collaboration with local law enforcement agencies.
Tether worth $873,118 (USDT) linked to illicit activities in Israel and Ukraine have been frozen, the company announced. The measure was taken in collaboration with Israel's National Office for Countering the Financing of Terrorism.
Paolo Ardoino, who was named CEO of Tether in October, highlighted the fact that cryptocurrency transactions are easily tracked on blockchain platforms, allowing Tether to help block the use of USDT linked to terrorist financing.
โContrary to popular belief, cryptocurrency transactions are not anonymous; They are the most trackable and traceable assets.โ
The CEO added that the stablecoin issuer is actively working with global law enforcement agencies to track and trace the illicit movement of funds and, where possible, freeze assets linked to criminal and terrorist activities.
By the end of 2022, Tether had frozen more than $360 million in assets. The company subsequently reissued more than $100 million worth of USDT that had been intercepted.
Related: Tether stablecoin lending increases in 2023 despite reduction announcement in 2022
The company now estimates that it has frozen a total of $835 million of USDT, primarily associated with blockchain hacks and cryptocurrency exchanges. Tether has worked with 32 countries around the world to address illicit cyber activity related to its dollar-backed stablecoin.
In June 2023, Israel's Defense Minister Yoav Gallant announced that the country had Seized cryptocurrency wallets containing millions of dollars transferred to the terrorist organization Hezbollah.
Using Chainalysis blockchain analysis tools, more than $1.7 million in cryptocurrency was seized in the operation.
Meanwhile, Blockchain data indicates that cybercriminals have stopped using Bitcoin (btc) to transfer value over the Internet, preferring to use stablecoins and altcoins due to their accessibility and ability to be laundered through decentralized exchanges.
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