Tether Takes Drastic Measures: Freezing Millions in Assets
Date: 2024-05-14 Author: Henry Casey Categories: BUSINESS
Tether, the issuer of the USDT stablecoin, took drastic measures by freezing 12 addresses that contained millions of dollars, experts from the MistTrack platform reported. The volume of assets in blocked wallets is estimated at approximately $5.2 million.
Analysts suggest that the blocked addresses may be associated with a phishing network through which hackers laundered stolen assets, according to representatives of the SlowMist platform.
Tether and Financial Losses
Users of the social network began to wonder whether victims of phishing could turn to Tether for compensation for losses. Analyst Yan Qin emphasized that in this case the company does not provide direct assistance to victims of fraud.
The issuer of the USDT stablecoin adheres to the sanctions lists of the Office of Foreign Assets Control of the US Department of the Treasury (OFAC) and SDN, emphasized the company’s CEO Paolo Ardoino.
Control and Cooperation
In early May 2024, Tether announced a partnership with analytics company Chainalysis to strengthen controls and develop a tool to track transactions in the secondary market. The monitoring system developed by these firms will help identify high-risk addresses, such as accounts used to evade sanctions or finance illegal activities, including terrorist financing.
Let us recall that in the first quarter of 2024, Tether showed impressive results, making a profit of $4.52 billion.
