Canadian police praise Tether for ‘quick’ recovery of stolen funds
The Ontario Provincial Police (OPP) is thanking a stable coin dealer for its assistance in the investigation of the theft of approximately 10,000 Canadian dollars ($7,186) from an individual.
Teter worked with the OPP's Cyber Investigations Team to find the money, and following the successful operation, Addison Hunter – OPP Detective Staff Sergeant – said:
“Through the voluntary assistance and cooperation of Tether International Ltd., the stolen digital assets have been successfully recovered and returned to the victim. This cooperation has been instrumental in speedy recovery of the assets.”
Tether CEO Paolo Addino highlighted the company's commitment to “support law enforcement efforts to combat cybercrime” and “hold bad actors accountable and ultimately support victims” in cooperation with law enforcement authorities.
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Tether has a long history of supporting law enforcement agencies
Arduino's statements over the years have supported Tether by cooperating with law enforcement authorities and freezing funds when requested by government officials. In July 2020, Tether blacklisted 39 Ethereum network addresses with a total of $46 million in USDt (USDT).
At the time, industry executives described the freeze as a “precautionary” measure to fight illegal activities in cooperation with law enforcement.
The stablecoin firm has teamed up with crypto exchange Bitfinex to recover more than $33 million USD stolen in the September 2020 KuKoin hack – which led to a $200 million outflow from the popular exchange.
Tether blacklisted additional addresses in January 2022 – $150 million in USDt was frozen. No official reason has been given for freezing the funds, and the stablecoin issuer has blacklisted 312 different addresses over the past year.
Recently, in December 2023, Tether announced a wallet freeze policy for individuals and entities by the United States Office of Foreign Assets Control.
The new policy comes after US lawmakers pressured the company to impose sanctions after investigating the company as a tool for money laundering and financing for terrorist organizations.
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