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Home»ADOPTION NEWS»Tether has a wallet freeze policy in line with US regulations.
ADOPTION NEWS

Tether has a wallet freeze policy in line with US regulations.

By Crypto FlexsDecember 11, 20232 Mins Read
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Tether has a wallet freeze policy in line with US regulations.
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Tether, the most prominent stablecoin issuer, has made great strides in strengthening cooperation with regulators and law enforcement. As of December 1, Tether implemented a voluntary policy to freeze wallet activity linked to people on the Specially Designated Nationals (SDN) list maintained by the U.S. Office of Foreign Assets Control (OFAC). The following list includes individuals and entities controlled or owned by sanctioned countries.

Tether has recently strengthened its commitment to combat cybercrime amid growing concerns about the use of cryptocurrencies for illicit activities, including sponsoring terrorist organizations and illegal drug trafficking. Our proactive efforts to work closely with regulators and law enforcement agencies around the world are represented by our new wallet freeze policy, which complements the security protections already in place. In the past, Tether has taken a less aggressive stance, most notably in August 2022 when it said it would not freeze sanctioned Tornado Cache addresses unless instructed to do so by law enforcement.

These restrictions are believed to have been deliberately chosen to prevent criminals from using Tether’s USDT stablecoin. Paolo Ardoino, CEO of Tether, noted that this project will further enhance the excellent application of stablecoin technology and create a more secure environment for all users. Additionally, the actions taken by the company are an expression of its commitment to maintaining rigorous safety standards and building relationships with regulatory agencies.

According to the new policy implemented by Tether, 41 wallets have already been locked, some of which are connected to coin mixing services such as Tornado Cash. Notable incidents include the wallet freeze linked to the Ronin Bridge Attack, which is suspected to be the work of the North Korean hacker organization Lazarus. The cost of the attack is estimated at $625 million. To learn more: Tether has frozen wallets linked to terrorist organizations in Israel and Ukraine, as well as over $225 million USDT linked to an international human trafficking ring involved in cryptocurrency romance scams.

With the most recent regulations, Tether has set a new standard for the cryptocurrency market, bringing significant changes to the cryptocurrency business landscape. This indicates that the company is ready to cooperate with regulators to combat illegal activities. It also signals our commitment to strengthening the integrity of the cryptocurrency sector and protecting the ecosystem from misuse.

Image source: Shutterstock

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