Tether Freezes $870k Tied to Illegal Operations in Israel-Ukraine

Key Points:

• Tether freezes $835M, assists 31 agencies globally.
• Tether’s traceability proves a powerful tool against crime.
• Paolo Ardoino emphasizes cryptocurrency’s transparent nature, foiling criminal activities.

Tether freezes has renewed its pledge to collaborate closely with law enforcement agencies worldwide in the battle against cryptocurrency-enabled terrorism and warfare.

Tether freezes has extended support to 31 agencies operating in 19 different countries, aiding in investigations and freezing a substantial $835 million in assets primarily associated with theft, including blockchain and exchange hacks, as well as other criminal activities. Notable collaborations span across various nations such as Brazil, Singapore, Philippines, Germany, South Korea, and many others, showcasing Tether’s proactive engagement in global security efforts.

Tether’s Impact on Security and Transparency

Tether freezes has successfully frozen 32 suspicious addresses, containing $873,118.34, that have been linked to unlawful operations in Israel and Ukraine. Notably, Tether has been actively collaborating with the NBCTF in Israel to counter the misuse of cryptocurrencies in funding terrorist activities and warfare.

While acknowledging the minimal impact on the overall cost incurred by cybercrime globally, Tether freezes ability to freeze and restore stolen funds serves as a testament to the enhanced security and innovative capabilities that blockchain technology offers to the financial sector.

Tether has faced criticism from certain quarters within the blockchain industry, attempting to portray the crypto sector negatively, while failing to hold the conventional financial system accountable for its shortcomings in combatting criminal financial activities effectively.

Paolo Ardoino, the CEO of Tether, emphasized, “Cryptocurrency is a powerful tool, but it is not a tool for crime. Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets.” Ardoino further stressed the company’s dedication to promoting responsible blockchain technology usage and reinforcing global security and financial integrity through continued collaboration with law enforcement agencies.

Tether’s proactive measures underscore the efficacy of the cryptocurrency industry in thwarting illicit activities, emphasizing the traceability of blockchain transactions as a robust deterrent to criminal exploitation.

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