Tether Intervenes on Terrorism Funding, Freezing 32 Cryptocurrency Addresses
Tether, the preeminent stablecoin firm globally, has once again exemplified its resolve against illicit financial activities by freezing 32 cryptocurrency addresses, implicated in terrorism and warfare funding within Israel and Ukraine. The move showcases the intensifying collaboration between cryptocurrency establishments and global law enforcement to counteract the rising tide of digital-financed crime.
Global Collaboration Against Cybercrime
Tether's proactive stance signifies a broader trend within the cryptocurrency sector to neutralize the menace of cyber-financed terrorism and unlawful activities. The firm has a history of aligning with law enforcement agencies globally, aiding 31 entities across 19 jurisdictions thus far. The cumulative effect of these collaborations has been the freezing of assets totaling $835 million, predominantly linked to theft via blockchain and exchange hacks, with a lesser portion associated with various other crimes.
The collaborative endeavor spans a multitude of nations including, but not limited to, Brazil, Singapore, the Philippines, Germany, South Korea, Norway, Poland, Switzerland, Greece, Canada, Croatia, Italy, Argentina, Australia, Belgium, the Cayman Islands, China, Netherlands, El Salvador, Germany, Hong Kong, India, Ireland, Israel, Kyrgyzstan, New Zealand, Spain, Taiwan, the UK, Ukraine, Estonia, and the United States.
Focused Action in Israel and Ukraine
In the latest action, Tether has frozen 32 addresses holding $873,118.34, identified as conduits for illegal funding within Israel and Ukraine. The firm’s cooperation with the National Bureau of Counter Terrorism Financing (NBCTF) in Israel epitomizes the ongoing efforts to curb cryptocurrency-fueled terrorism and warfare.
Although the figure represents a minuscule fragment of the broader $445 billion global economic cost attributed to cybercrime, it underscores the novel capabilities blockchain technologies impart to the global financial architecture in terms of security and asset recovery.
Blockchain: A Double-Edged Sword
Despite the potential misuse, Tether's CEO, Paolo Ardoino, emphasizes the traceability feature inherent in blockchain technology,