Tether stopped $873,000 in Ukraine and Israel related to terrorist activities
Stablecoin issuer Tether has worked with local law enforcement agencies to block 32 addresses linked to terrorist activity in Israel and Ukraine.
The company announced that $873,118 worth of Tether (USDT) was blocked in Israel and Ukraine in connection with illegal activities. The move was made in cooperation with Israel's National Anti-Terrorist Financing Bureau.
Paolo Arduino, who was appointed CEO of Tether in October, highlighted the ease of cryptocurrency transactions on blockchain platforms, which would allow Tether to help block the use of USDT linked to terrorist financing.
“Contrary to popular belief, cryptocurrency transactions are not anonymous. They are very visible and tangible assets.”
The CEO added that the stablecoin issuer is working with international law enforcement agencies to monitor and track illicit financial activity and, where possible, freeze assets linked to criminal and terrorist activities.
In the year By the end of 2022, Tether had blocked more than $360 million in assets. The company subsequently reinvested more than $100 million of the stolen funds.
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The company estimated that a total of $835 million USD was frozen, primarily related to blockchain and cryptocurrency hacks. Tether has worked with 32 countries around the world to tackle illegal cyber activities involving the dollar-backed stablecoin.
In June 2023, Israeli Defense Minister Yoav Galant announced that the country had seized a cryptocurrency wallet containing millions of dollars that had been transferred to the terrorist organization Hezbollah.
More than $1.7 million worth of cryptocurrency has been seized using Chainalysis' blockchain analysis tools.
Meanwhile, blockchain data suggests that cybercriminals have moved away from using Bitcoin (BTC) to transfer value over the Internet, preferring to use stablecoins and altcoins due to their accessibility and decentralized exchange.
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