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Tether Halts $1.6 Million in Illicit Crypto Funds
In a move aimed at combating illicit financial activities and supporting international efforts to curb terrorism financing, Tether has frozen approximately $1.6 million worth of its stablecoin, USDT, tied to suspected terrorist groups operating in the Gaza region.
According to recent reports, the U.S. Department of Justice (DOJ) has taken a significant step towards disrupting these nefarious activities by targeting nearly $2 million in digital assets linked to designated terrorist organizations. In collaboration with law enforcement authorities, Tether’s blockchain-based platform was able to identify and freeze the illicit USDT wallets, bringing the total amount of blocked funds to over $5 billion worldwide.
Paolo Ardoino, CEO of Tether, emphasized the company’s commitment to transparency and accountability, highlighting the pivotal role that blockchain technology plays in maintaining trust within the decentralized ecosystem. Unlike traditional financial systems where malicious transactions often remain undetected, USDT remains traceable, transparent, and fully accountable – a crucial factor in preventing the misuse of cryptocurrency.
This development marks yet another instance where Tether has actively worked with regulatory bodies to combat financial crimes and safeguard the integrity of digital assets. The company’s efforts have led to the blocking of over 5,000 wallets worldwide, resulting in more than $2.9 billion in frozen USDT funds.
Source: coinrevolution.com
