The stablecoin issuer has also worked with 24 law enforcement agencies across more than 40 different countries.
Since its inception, Tether has frozen over $1 billion worth of assets linked to illicit activities on demand from law enforcement agencies.) worth $5.2 million linked to phishing scams on May 14. This USDT was stored in 12 Ethereum wallets tagged as “USDT Banned Address.”Tether, the world’s largest stablecoin issuer, has frozen billions of dollars of assets linked to hacks, exploits and scams. In an X post, CEO Paolo Ardoino said the firm has blocked more than $1.
In January 2022, Tether added three Ethereum addresses holding more than $150 million worth of USDT to the blacklist. In October 2022, TetherIn late 2022, Tether had frozen over $360 million in assets. In October 2023, the stablecoin issuer froze $817,000 USDT linked toThe stablecoin issuer has also worked with 24 law enforcement agencies across 40+ different countries.
The use of decentralized ledger technology allows crypto firms to monitor funds on-chain, and the centralized nature of stablecoins allows its issuers to freeze assets linked to illicit activities on requests of law enforcement agencies. Cointelegraph reached out to Tether for comments on the nature of these banned addresses and which phishing scams they were linked with but didn't get a response by publishing time.Bitcoin ‘guardrail’ gets stronger at $60K as bulls brace for macro data
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