Stablecoin issuer Tether explained it cooperated with exchange OKX in the US Department of Justice investigation, which led to the freezing of 225 million USDT linked with criminal organizations.
On the evening of November twenty, the world’s biggest stablecoin issuer, Tether (USDT), announced that it had frozen a substantial quantity of USDT in numerous wallet addresses, with a complete worth of $225 million.
This is Tether’s biggest USDT freeze to date.
Following investigations by Tether, OKX and the US Department of Justice, Tether voluntarily freezes 225 million stolen USDT linked to worldwide crime syndicate https://t.co/yrofwNtK5s
—Tether (@Tether_to) November 20, 2023
Tether exposed that the cash was linked to a cross-border human trafficking ring originating in Southeast Asia. This is the outcome of an investigation carried out by the US Department of Justice, in collaboration with blockchain information exploration unit Chainalysis, OKX Exchange and Tether.
Tether says this situation is a superior indicator that cryptocurrency organizations can even now comply with the law, even although the cryptocurrency sector has not still been incorporated in a thorough legal framework. The transparency of blockchain technologies also facilitates the approach of monitoring cash flows, therefore revealing the tricks of criminals.
Tether’s new CEO, Paolo Ardoino, explained:
“Through proactive collaboration with global authorities and commitment to transparency, Tether aims to set a new standard for the cryptocurrency industry. Our latest collaboration with the US Department of Justice reaffirms our commitment to creating a safe environment. We believe that by combining technology and relationships like the one with OKX, the company can proactively prevent criminal activity and maintain the highest industry standards.”
Tether has continually produced progress in current occasions to aid governments in numerous nations avoid terrorist financing and cash laundering, most notably in the ongoing conflicts in Ukraine and Israel. However, numerous US lawmakers have identified as on the stablecoin’s issuer to investigate and clarify USDT’s position in criminal pursuits.
Thanks to the solid recovery of the cryptocurrency industry given that mid-October, the capitalization of USDT has improved by $four billion, continuing to retain Tether’s place as the biggest stablecoin in the cryptocurrency sector.
Coinlive compiled
Join the discussion on the hottest difficulties in the DeFi industry in the chat group Coinlive Chats Let’s join the administrators of Coinlive!!!