Tether Blocks Six Wallets Linked to Finiko Amid Suspicious Transactions
Date: 2023-12-21 Author: Dima Zakharov Categories: BLOCKCHAIN
Tether, a prominent stablecoin in the world of cryptocurrency, has made headlines by blocking six Ethereum wallets suspected of having ties to the notorious Russian financial pyramid scheme, Finiko. This development has sparked significant interest in the crypto community, as it sheds light on the ongoing battle against illicit activities in the digital currency space.
According to ChainArgos, a blockchain analytics company, these wallets had raised suspicions due to their involvement in questionable transfers to addresses linked to Finiko. While no other substantial suspicious transactions were observed from these wallets, the decision to block them reflects Tether's commitment to maintaining compliance with U.S. regulatory requirements.
Finiko, a financial pyramid scheme that emerged in Russia in 2018, has left victims with losses totaling up to $95 million. Last year, Interpol arrested Finiko's ringleader, Edward Sabirov, in the United Arab Emirates, but several other participants in the scheme remain at large.
Tether has not only taken action against these six wallets but has also blocked a TRON address, albeit with no notable suspicious activity detected. The wallet had only received a significant transfer of $7,000 from Bitfinex.
Despite these actions, it remains unclear whether these seven wallets have substantial and evident ties to significant illicit activities. Tether has yet to release an official statement regarding these recent actions, leaving the cryptocurrency community eager for further details and insights into the situation.
