Tether Takes Decisive Steps Freezing Wallets Linked to Sanctioned Individuals - Latest cryptocurrency news

Tether Takes Decisive Steps Freezing Wallets Linked to Sanctioned Individuals

The issuance of stablecoin Tether marked a significant move by freezing 41 wallets associated with individuals on the Specially Designated Nationals List from the Office of Foreign Assets Control (OFAC) of the United States Treasury. This strategic initiative was described by Tether as “preventative measures” and aimed to enhance the positive use of stablecoin technology and to create a safer ecosystem for users.

According to on-chain data analysis, many of the frozen wallets had interacted with the cryptocurrency mixing service Tornado Cash in the past six months. This tactic, targeting anonymized transactions, led Tether to take measures to protect the integrity of its stablecoin USDT.

Technology & Populer Science News: Newslinker.co

One of the frozen wallets is linked to the famous Ronin Bridge attack, which was allegedly carried out by the North Korean hacker group Lazarus Group and is associated with a theft of $625 million, according to the U.S. Treasury Department.

Tether CEO Paolo Ardoino emphasized the importance of voluntarily freezing wallet addresses, stating that this move strengthens the positive use of stablecoin technology. This proactive approach is in line with the company’s commitment to creating a secure stablecoin ecosystem and demonstrates Tether’s determination to promote responsible and ethical use within the crypto world.

Tether’s recent action follows the decision to freeze 32 wallets last October. In addition, the company acted by freezing $225 million associated with a human trafficking operation following an investigation by the U.S. Department of Justice (DOJ) last month. Tether’s ongoing efforts to prevent illegal activities and to exhibit transparent and compliant behavior are solidifying its position as a responsible participant in the crypto space.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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