Tether Works with NBCTF to Freeze $873K in Crypto Linked to Terrorism
Tether Takes Action Against Cryptocurrency-Terrorism
In a joint effort with Israel’s National Bureau for Counter Terror Financing (NBCTF), Tether, the leading stablecoin issuer, has successfully immobilized 32 virtual wallets suspected of being involved in cryptocurrency-terrorism in Israel and Ukraine. The frozen assets amount to $873,118 in Tether’s USDT stablecoin, demonstrating Tether’s commitment to countering cybercrime and promoting responsible use of blockchain technology.
Tether CEO Stresses Commitment to Preventing Cybercrime
Tether CEO Paolo Ardoino has emphasized the company’s dedication to preventing cybercrime. He highlights the traceability features of blockchain technology, which can unveil illegal activities, debunking the misconception of anonymous cryptocurrency transactions. Tether continues its cybercrime countermeasures, despite facing scrutiny over its business ethics and reserve adequacy.
Tether’s USDT Stablecoin and Market Cap
Tether’s USDT stablecoin, pegged to the U.S. dollar, has an impressive market cap of $83.5 billion, providing dollar exposure to international markets. Despite the ongoing scrutiny, Tether has a history of freezing and reimbursing stolen funds, assisting 31 agencies across 19 jurisdictions in immobilizing crime-related assets totaling $835 million.
Tether’s Collaboration with Binance to Thwart Terrorism Financing
In a related development, Tether worked alongside Binance to assist Israeli police in confiscating Hamas-linked crypto wallets following a surprise attack. This cooperation underscores Tether’s commitment to thwarting terrorism financing globally. Tether’s actions highlight the growing role of cryptocurrency companies in aiding law enforcement agencies worldwide in their fight against cybercrime and terrorism financing.
This rewritten article provides a comprehensive overview of Tether’s efforts to combat cryptocurrency-terrorism. Tether’s collaboration with the NBCTF and Binance demonstrates its commitment to countering cybercrime and terrorism financing globally. By immobilizing virtual wallets and freezing assets, Tether is actively preventing the potential misuse of its stablecoin. Tether’s CEO emphasizes the traceability features of blockchain technology, debunking the misconception of anonymous cryptocurrency transactions. Despite facing scrutiny, Tether’s USDT stablecoin maintains an impressive market cap, offering dollar exposure to international markets. Through its history of freezing and reimbursing stolen funds, Tether has proven itself as a reliable partner for law enforcement agencies. Together with Binance, Tether actively supports Israeli police in confiscating crypto wallets linked to terrorism, showcasing the growing role of cryptocurrency companies in combating cybercrime. Tether’s actions and dedication to countering cybercrime and terrorism financing set a positive example for the industry as a whole.
