A leading stablecoin company, Tether, has taken action in support of global law enforcement, by freezing 32 cryptocurrency addresses associated with terrorism and warfare.
According to a Tether press release, there efforts have aided 31 agencies worldwide with investigations across 19 countrties.
Tether has successfully frozen $835 million, primarily sourced from blockchain and exchange hacks, through cooperation with authorities in of these countries.
This collaborative effort included Israel and Ukraine, where they seized $873,118.34 from 32 suspicious cryptocurrency addresses, with the assistance of the Israel National Bureau of Criminal Investigation Task Force (NBCTF).
Tether’s actions show how blockchain technology can enhance global financial security by tracking and recovering stolen funds, despite some critics in the blockchain industry incorrectly blaming cryptocurrencies for crimes.
Tether’s CEO, Paolo Ardoino, stated, “Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets. Every transaction is recorded on the blockchain, making it feasible for anyone to trace fund movements. Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified.”
Also Read: Tether Appoints CTO Paolo Ardoino as New CEO
Tether actively supports law enforcement in combatting cryptocurrency-related crime, underscoring the transparency of blockchain transactions as a powerful tool against illicit activities.
