Tether Intervenes on Terrorism Funding, Freezing 32 Cryptocurrency Addresses
Luisa Crawford Oct 17, 2023 02:50
Tether has frozen 32 cryptocurrency addresses tied to terrorism funding in Israel and Ukraine, manifesting the growing partnership between crypto firms and global law enforcement to combat digital-financed crime.
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, dispelling the common misperception of cryptocurrency transactions being veiled in anonymity. "Cryptocurrency is a powerful tool, but it is not a tool for crime,” elucidates Ardoino, underscoring that every blockchain transaction is indelibly recorded, making fund movement traceable by anyone.
Tether’s unyielding support for law enforcement, however, does not deflect the skepticism and critique from some journalistic quarters and industry detractors. The criticism often juxtaposes the crypto industry’s swift action against the seemingly languorous or inadequately equipped traditional financial systems in combating criminal financing.
Tether’s Persistent Vigilance
Tether reiterates its enduring commitment to fostering responsible blockchain technology utilization and acting as a formidable barricade against cybercrime. This vigilance, aligned with global law enforcement agencies, accentuates the proactive measures the cryptocurrency domain is taking to stymie criminal use effectively.
The ongoing efforts embody a robust testament to the blockchain’s traceability, serving as a formidable deterrent against illicit activities, thereby elevating the security protocols within the global financial realm.
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