Tether, the issuer of a US dollar-pegged stablecoin widely used in crypto trades, has taken significant steps to combat cryptocurrency-funded terrorism. Today, in collaboration with Israel's National Bureau for Counter Terror Financing (NBCTF), Tether froze $873,118 across 32 crypto wallets associated with illicit activities in Israel and Ukraine. The move is part of a broader effort to ensure financial integrity within the crypto industry.
Paolo Ardoino, the newly-appointed CEO of Tether, underscored the company's commitment to cybersecurity and responsible blockchain utilization. He also expressed his eagerness for more collaborations with global law enforcement agencies in the fight against cybercrime.
In parallel with Tether's actions, Binance, one of the world's leading cryptocurrency exchanges, has also tightened its security measures. Responding to requests from Israeli law enforcement agencies, Binance froze accounts linked to the armed wing of Hamas. This group has been employing increasingly complex Bitcoin fundraising methods, highlighting the necessity for stringent security protocols within the crypto industry.
The recent actions taken by Tether and Binance are not isolated incidents. Tether has previously frozen $46 million connected to an FTX wallet during its collapse. Furthermore, as part of its ongoing commitment to financial transparency and integrity, Tether has assisted 31 global law enforcement agencies by freezing a total of $835 million in assets linked to blockchain and exchange hacks.
BitOK, a prominent analytics firm, reported that the wallets recently frozen by Tether and Binance had received upwards of $41 million over the past two years. These findings underscore the crucial role that cryptocurrency platforms play in maintaining financial security and combating illicit activities. As such, these platforms are expected to continue their vigilance against potential threats to ensure the safety and integrity of their users' assets.
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