- Tether has frozen 32 addresses, amounting to $873,118.34, linked to activities in Israel and Ukraine.
- The company works alongside 31 global agencies, reinforcing blockchain’s traceability as a means to combat criminal funding.
Blockchain’s Traceable Power: Countering Illicit Use
Tether, the world’s foremost stablecoin entity, reiterates its unwavering dedication to curtailing the misuse of cryptocurrencies in illegal activities, notably terrorism and warfare funding. This move comes as part of a broader commitment to collaborate with international law enforcement units in thwarting crypto-empowered crimes.
Historically, Tether has been instrumental in assisting 31 global agencies, spanning 19 jurisdictions, successfully freezing an impressive $835 million in assets. A vast majority of these frozen assets relate to theft, notably from blockchain and exchange hacks, with a smaller fraction tied to various other offenses. The international scope of Tether’s endeavors encompasses nations from all continents, including, but not limited to, Brazil, Singapore, Germany, Canada, Israel, China, New Zealand, Ukraine, and the United States.
In its latest action, Tether targeted 32 addresses amassing to $873,118.34, linked with prohibited operations in both Israel and Ukraine. Collaborating with the NBCTF in Israel, Tether’s objective is clear: to staunch the flow of funds fueling cryptocurrency-enabled terrorism and warfare.
In the grand tapestry of global financial crime, the sum Tether has managed to immobilize might appear as a mere drop, especially when compared to the staggering $445 billion price tag attached to global cybercrime. However, the significance of this move transcends mere numbers. It heralds the transformative potential of blockchain technologies, signifying a fresh paradigm in safeguarding global financial systems.
Notwithstanding Tether‘s relentless efforts, some skeptics, including a few from the blockchain domain, endeavor to question the entire crypto sphere. They overlook the lethargic and occasionally ineffective traditional financial machinery that hasn’t done enough to counter criminal funding. Paolo Ardoino, Tether’s CEO, elucidates,
“Cryptocurrencies, contrary to widespread myths, aren’t shrouded in anonymity. They stand as some of the most traceable assets, with each transaction etched into the blockchain, offering unparalleled transparency.”
Emphasizing the company’s steadfastness, Ardoino remarked,
“Our commitment is unwavering. We stand as a bulwark against cyber maleficence and look forward to fortifying our ties with international law agencies to bolster global financial integrity.”
Tether’s proactive stance, bolstered by blockchain’s intrinsic traceability, accentuates the industry’s potential in systematically repudiating its misuse. Those interested in delving deeper into Tether’s dedication towards this cause can find more on their official blog.