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Blockchain Intervention: Tether Halts 32 Crypto Addresses Tied to Conflict Zones in Israel and Ukraine

Police & Regulations
Oct 19, 2023 at 09:03 am

In a significant move, Tether, the issuer of the stablecoin, has proactively frozen the assets held in 32 cryptocurrency addresses connected to financing terrorism and engaging in conflicts in both Israel and Ukraine. This collaborative initiative entails close cooperation between Tether and Israel's National Bureau for Counter Terror Financing (NBCTF) to disrupt the exploitation of cryptocurrencies for funding acts of terrorism. When Tether initiates a freeze on a wallet, it effectively suspends the owner's ability to carry out any transactions involving USDT until the freeze is lifted.

The cumulative value of the assets immobilized across these 32 addresses stands at a notable $873,118. This recent development directly responds to reports that surfaced in the past week, disclosing that the cryptocurrency exchange Binance actively aided Israeli authorities in seizing crypto wallets associated with Hamas. This action was prompted by a swift escalation of conflict instigated by the terrorist organization, resulting in a critical situation in Gaza.

Paolo Ardoino, the recently appointed CEO of Tether, underscored the company's dedication to advancing responsible blockchain technology and its unwavering commitment to combating cybercrime. He stated:

 "We eagerly anticipate ongoing collaboration with law enforcement agencies worldwide as part of our steadfast dedication to global security and financial integrity."

It's worth noting that Tether had previously taken analogous steps by freezing $46 million worth of its USDT stablecoin in November of the preceding year in response to a law enforcement request concerning an FTX wallet, coinciding with a turbulent period for the exchange.

Read more: Pantera Study Reveals Overwhelming Majority of Crypto Employees Opt for Fiat Salaries

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