Tether Froze Over 1,800 Wallets Linked to Criminal Activity: Report
Date: 2024-09-19 Author: Oliver Abernathy Categories: BUSINESS
According to Tether’s report on September 18, the company has frozen over 1,850 wallets linked to criminal activity in 45 jurisdictions, working with over 180 agencies.
These measures are part of the company’s ongoing efforts to combat financial crime and maintain the integrity of the stablecoin ecosystem. The operation also resulted in the recovery of $1.86 billion in assets.
Tether’s Continued Fight Against Financial Crime
The report on September 18 highlights Tether’s commitment to compliance, with a focus on strict Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.
Compliance remains a key focus for the company as it continues to build trust in the financial and cryptocurrency sectors.
Tether also noted its role in supporting law enforcement agencies around the world.
According to the report, the company has cooperated with agencies on several high-profile cases, including helping to recover funds related to cybercriminals such as the Lazarus Group, a North Korean hacking organization.
UK High Court Ruling on USDT as Property Asset
In a separate case, the UK High Court recently ruled on the status of Tether’s USDT stablecoin as a property asset.
Fraud victim Fabrizio D’Aloia sought to recover stolen USDT that had been laundered through several cryptocurrency exchanges and mixers.
The court ruled that USDT was a form of property, setting an important legal precedent for digital assets.
The decision, handed down by Deputy Judge Richard Farnhill, highlights that Tether has property rights under English law, similar to other assets that can be traced and over which trust claims can be made.
Despite admitting fraud against D'Aloia, the court found that he had not provided sufficient evidence to conclusively prove that his stolen USDT was transferred to Thai crypto exchange BitKub.
