Stablecoin issuer Tether has taken a proactive stance against cryptocurrency-fueled terrorism and warfare, freezing 32 cryptocurrency addresses with a total value of $873,118. In a press release on Monday, this crypto firm revealed its collaboration with the National Bureau for Counter Terror Financing (NBCTF) in Israel in a concerted effort to combat these illicit activities.
This significant move comes as part of Tether’s commitment to promoting responsible blockchain technology use and ensuring global financial integrity. The stablecoin issuer has consistently played a role in defending against cybercrime, aligning with law enforcement agencies to maintain security in the cryptocurrency space.
Newly-appointed Tether CEO Paolo Ardoino expressed the company’s unwavering dedication to safeguarding the blockchain ecosystem. He stated, “Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime. We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.”
The 32 frozen cryptocurrency addresses were identified as having connections to terrorism and warfare activities in both Israel and Ukraine. The combined value of $873,118 demonstrates the significant resources that can be channeled into these illegal activities through cryptocurrency.
Tether’s Collaboration
Tether’s collaboration with the NBCTF signifies a growing trend in the cryptocurrency industry towards working closely with law enforcement to combat illicit use of digital assets. By freezing these addresses, Tether not only takes a stand against criminal activities but also demonstrates its commitment to regulatory compliance.
This is not the first time Tether has taken such actions. Last November, the company froze $46 million worth of its USDT stablecoin following a law enforcement request related to a wallet on the FTX exchange during a tumultuous period in the exchange’s history. These actions underscore the company’s determination to ensure the integrity and safety of the cryptocurrency ecosystem.
The freezing of these 32 cryptocurrency addresses by Tether sends a clear message that the industry is actively working to mitigate the risks associated with digital assets. It showcases the industry’s willingness to cooperate with law enforcement agencies to prevent the misuse of cryptocurrencies for unlawful purposes, reinforcing the notion that responsible blockchain technology use is of paramount importance in the rapidly evolving landscape of digital finance.