🔵 Collaboration with U.S. Authorities 🚓
Tether, the largest stablecoin issuer, has announced its collaboration with U.S. authorities to freeze and reissue approximately $1.6 million in USDT.
The funds were linked to wallets associated with Buy Cash Money and Money Transfer Company (BuyCash), a Gaza-based financial network suspected of terror financing.
🔵 Broader Effort to Combat Illicit Activities 👮
This action is part of a civil forfeiture case by the U.S. Department of Justice involving around $2 million in digital assets used to support designated terrorist organizations.
Tether's swift response highlights its commitment to working with global law enforcement agencies to disrupt financial crime.
🔵 Tether's Track Record 📶
Tether has an impressive track record of collaborating with law enforcement agencies:
🔹Over $2.9 billion in USDT frozen: Tether has blocked over $2.9 billion in USDT tied to illicit activities.
🔹275 law enforcement agencies: Tether has worked with 275 law enforcement agencies across 59 jurisdictions.
🔹5,000 wallets blocked: Tether has blocked over 5,000 wallets, assisting law enforcement with over 2,800 in coordination with U.S. agencies.
🔵 CEO Paolo Ardoino's Statement 📝
"Tether's strength lies in the transparency of blockchain technology and our ability to act decisively when abuse is detected.
Unlike traditional financial systems, where illicit flows often go unseen, USDT is traceable, transparent, and accountable."
⏺️ Conclusion 🎳
Tether's collaboration with U.S. authorities demonstrates its commitment to combating illicit financial activities.
With its robust tracking and freezing capabilities, Tether continues to play a vital role in maintaining the integrity of the digital asset ecosystem.
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