Tether Collaborates with Law Enforcement Agencies Worldwide to Combat Terrorism Financing
Tether, a major stablecoin issuer, has announced its ongoing collaboration with law enforcement agencies across the globe to fight terrorism financing and warfare funded through cryptocurrencies. In a statement to CriptoFácil, the company revealed that it has already assisted 31 agencies in 19 jurisdictions, resulting in the freezing of $835 million in assets. The majority of these assets are associated with crimes such as blockchain hacks and exchanges, with a small portion linked to other offenses.
The countries that Tether has collaborated with include Brazil, Singapore, the Philippines, Germany, South Korea, Norway, Poland, Switzerland, Greece, Canada, Croatia, Italy, Argentina, Australia, Belgium, the Cayman Islands, China, the Netherlands, El Salvador, Hong Kong, India, Ireland, Israel, Kyrgyzstan, New Zealand, Spain, Taiwan, the United Kingdom, Ukraine, Estonia, and the United States.
Tether also disclosed that it has frozen 32 addresses, containing $873,118.34, which were identified as being linked to illicit activities in Israel and Ukraine. The company has been working alongside the National Bureau for Counter Terror Financing (NBCTF) in Israel to combat terrorism financing and warfare facilitated by cryptocurrencies.
While the amount frozen by Tether may seem small in the face of the $445 billion cost imposed by cybercrime on the global economy, it showcases the security innovations that blockchain technology can bring to the global financial system. Paolo Ardoino, CEO of Tether, emphasized that cryptocurrency is a powerful tool, but not one for criminal purposes. He explained that contrary to popular belief, cryptocurrency transactions are not anonymous and can be easily traced due to their visibility on the blockchain.
Ardoino stated, “Every transaction is recorded on the blockchain, making it possible for anyone to track the movement of funds. Consequently, criminals who use cryptocurrencies for illegal activities will inevitably be identified.” He further emphasized that Tether’s proactive measures, in collaboration with law enforcement agencies worldwide, highlight the cryptocurrency industry’s ability to effectively combat the criminal use of digital currencies. This underscores the traceability of blockchain transactions as a strong deterrent against illicit activities.
In conclusion, Tether’s continuous efforts to collaborate with law enforcement agencies globally demonstrate its commitment to ensuring the responsible and legitimate use of cryptocurrencies in a world where digital assets are increasingly prevalent.
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