Tether, the largest stablecoin company in the world, reaffirmed its commitment to working closely with law enforcement agencies across the globe to combat cryptocurrency-funded terrorism and warfare.
To date, Tether has “aided 31 agencies worldwide with investigations across 19 jurisdictions, freezing a total of $835 million in assets mostly associated with theft (blockchain and exchange hacks) with a minor portion to other crimes.”
Some of the countries Tether has “joined hands with include Brazil, Singapore, Philippines, Germany, South Korea, Norway, Poland, Switzerland, Greece, Canada, Croatia, Italy, Argentina, Australia, Belgium, Cayman Islands, China, Netherlands, El Salvador, Germany, Hong Kong, India, Ireland, Israel, Kyrgyzstan, New Zealand, Spain, Taiwan, UK, Ukraine, Estonia, and the United States.”
Of this, Tether has reportedly “frozen 32 addresses, containing $873,118.34, that were found to be linked to illicit activity in Israel and Ukraine.”
Tether has been working “with the NBCTF in Israel to counter cryptocurrency-funded terrorism and warfare.”
While only representing a tiny drop in the $445 billion cost to the global economy due to cybercrime, Tether’s ability “to freeze and return stolen funds to legitimate users demonstrates the innovative new capabilities and level of security that blockchain technologies can bring to the global financial system.”
Despite Tether’s active support of law enforcement, there “are still some journalists and detractors within the blockchain industry, making attempts to spin a case against the crypto industry, while failing to hold the slow or poorly equipped traditional financial system accountable, for not combatting the funding of criminal matters.”
Tether CEO, Paolo Ardoino said:
“Cryptocurrency is a powerful tool, but it is not a tool for crime. Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets. Every transaction is recorded on the blockchain, making it feasible for anyone to trace fund movements. Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified.”
As noted in the update:
“Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime,” said Ardoino. “We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.”
Tether’s proactive measures, working “with law enforcement agencies globally, underscore the cryptocurrency industry’s capacity to thwart criminal use effectively.”
This highlights the traceability of blockchain transactions “as a powerful deterrent to illicit activities.”