Leading stablecoin issuer Tether announced on Monday its move to curb cryptocurrency usage in vices such as terrorism and warfare. The blockchain firm revealed it has frozen 32 cryptocurrency wallet addresses tied to illegal activities in Israel and Ukraine.
Crypto wallet addresses refer to unique codes or a combination of random letters and numbers used to identify a digital wallet used to store cryptocurrencies. These random addresses help to anonymize the user’s identity.
Tether Confiscates Over $873k
The stablecoin issuer revealed that it is working with Israel’s National Bureau for Counter Terror Financing (NBCTF) to track down crypto assets used to finance war and terrorism.
Aside from Israel, Tether noted that it has joined forces with regulatory agencies in other parts of the world to facilitate investigations and retrieve funds linked to theft and other illicit activities. Among these countries are Brazil, Singapore, China, and El Salvador.
Of the 32 frozen addresses frozen by Tether, a total balance of over $873,000 worth of crypto assets was retrieved.
Commenting on the company’s role in upholding the blockchain as a safe place from bad actors, Tether’s newly appointed CEO Paolo Ardoino said:
“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.”
Other Crypto Firms Help to Retrieve Illicit Funds
Like Tether, other crypto-based firms have a record of working with law enforcement agencies to counter criminal activity funded by cryptocurrency. Binance, the leading crypto exchange by trading volume, is an example.
Earlier this month, the crypto exchange collaborated with Thai police authorities to apprehend a group of crypto fraudsters. Luxury cars, land, homes, and other valuables worth about $277 million were seized from the bad actors. The illicit funds were likely stolen from about 3,200 users who came to the recovery team for compensation.
Popular among Binance’s acts of recovering stolen funds was its retrieval of $6 million connected to the infamous Ronin bridge exploit that saw hackers exploiting the protocol to siphon over half a million dollars.
