- Tether froze $870,000 in USDT across three wallets that are connected to phishing scams, theft, and fraud.
- Over time, the company has blocked over $1.3 billion in assets, collaborated with law enforcement in 40+ countries, and continues to enforce strict laws against criminal use of USDT.
Tether has frozen about $870,000 worth of USDT connected to theft, phishing scams, and pig butchering schemes. This action is part of the stablecoin ongoing push to stop illegal funds tied to crime and protect users from fraudulent activity.
On April 17, Tether froze $870,000 in USDT connected to phishing scams. The funds were kept in three separate wallets. According to SlowMist, a crypto tracing platform, the three addresses were used to move money from theft, scams, and pig butchering, although no further details were shared.
Tether, which is one of the biggest stablecoin providers, has taken similar steps regarding scams and phishing. Over time, the blockchain platform has frozen billions linked to hacks, fraud, and other illegal actions.
The CEO, Paolo Ardoino, shared that more than $1.3 billion has been frozen so far for different reasons, some of which include the $1.6 million tied to terrorist funding.
Tether’s Previous Effort to Curb Scams
In recent years, Tether has continued to put in efforts to freeze suspicious wallets. In January 2022, Tether blacklisted three Ethereum wallets holding over $150 million in USDT. By October of that same year, it froze $8.2 million and later added 215 more addresses to its list.
Later in 2022, the total amount of frozen assets went above $360 million. In October 2023, the company blocked about $817,000 linked to terrorism in Ukraine and Israel. The next month, it froze another $225 million connected to romance scams.
Tether has over the years worked closely with global law enforcement and partnered with 24 agencies in over 40 nations. In 2023, it acted on 198 wallet block requests and 339 in the last three years. The firm also makes use of strict rules to stop blacklisted groups or people from using USDT. This shows the company’s interest in safety and following international laws.
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