Tether has said that it continues to take swift action against the illegal use of its stablecoin to fund terrorism and crime-related activities. It reiterated its dedication to collaborating with law enforcement agencies worldwide to combat cryptocurrency-funded terrorism and warfare.
In a statement on Monday, the world’s leading stablecoin company said it assisted 31 agencies across 19 jurisdictions, and froze $835 million in assets to date, predominantly linked to theft, including blockchain and exchange hacks.
Tether’s cooperation extends to various countries, including Brazil, Singapore, Germany, Canada, China, India, the United States, and more. Notably, the company froze $873,118.34 across 32 addresses associated with illicit activities in Israel and Ukraine, in collaboration with the NBCTF in Israel.
While the frozen funds represent a fraction of the $445 billion global cost of cybercrime, Tether’s ability to return stolen assets underscores the security and innovation blockchain technology offers to the financial system.
Paolo Ardoino, Tether’s CEO, stated, “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,” he added.
