Tether blocks $5.2M worth of USDT assets linked to illicit activities

Stablecoin issuer Tether has frozen $5.2M in USDT associated with phishing scams.
Dot
May 14, 2024
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

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Photo Source: Mariia Shalabaieva

Stablecoin issuer Tether has frozen $5.2M in USDT associated with phishing scams.

According to on-chain analytics firm SlowMist, Tether took the action after identifying the funds stored in 12 Ethereum (ETH) wallets tagged as USDT Banned Address. The addresses containing the frozen funds were exploited for money laundering purposes related to phishing scams. 



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In response, Tether CEO Paolo Ardoino revealed in a recent announcement that the firm has blocked more than $1.3B since its inception, with roughly $1.6M tied to terrorist financing. The firm has cooperated with 24 law enforcement agencies across more than 40 countries. Over the past year, the company has addressed 198 requests from law enforcement agencies to block wallets.

Tether blocks $5.2M worth of USDT assets linked to illicit activities

HomeStablecoins
Contents
Photo Source: Mariia Shalabaieva

Stablecoin issuer Tether has frozen $5.2M in USDT associated with phishing scams.

According to on-chain analytics firm SlowMist, Tether took the action after identifying the funds stored in 12 Ethereum (ETH) wallets tagged as USDT Banned Address. The addresses containing the frozen funds were exploited for money laundering purposes related to phishing scams. 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


In response, Tether CEO Paolo Ardoino revealed in a recent announcement that the firm has blocked more than $1.3B since its inception, with roughly $1.6M tied to terrorist financing. The firm has cooperated with 24 law enforcement agencies across more than 40 countries. Over the past year, the company has addressed 198 requests from law enforcement agencies to block wallets.

Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

Stablecoin issuer Tether has frozen $5.2M in USDT associated with phishing scams.

According to on-chain analytics firm SlowMist, Tether took the action after identifying the funds stored in 12 Ethereum (ETH) wallets tagged as USDT Banned Address. The addresses containing the frozen funds were exploited for money laundering purposes related to phishing scams. 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


In response, Tether CEO Paolo Ardoino revealed in a recent announcement that the firm has blocked more than $1.3B since its inception, with roughly $1.6M tied to terrorist financing. The firm has cooperated with 24 law enforcement agencies across more than 40 countries. Over the past year, the company has addressed 198 requests from law enforcement agencies to block wallets.

Written by
Ayush Pande