Tether, the issuer of the largest stablecoin, has intercepted 32 Israel and Ukraine addresses citing their involvement in terrorism financing. According to a blog post released today, the company revealed that it collaborated with 31 agencies across the globe. The collaborative effort focused on investigations across 19 jurisdictions.
According to the blog post, the countries spread spread across Europe, Asia, and America. More so, the investigation led to the confiscation of $835 million from the 32 addresses. These addresses, according to Tether, were involved in crypto theft and exchange hacks. Likewise, the addresses were involved in some other minor crimes.
Meanwhile, in the blog post, Tether established that it will continue to work with law enforcement agencies across the globe. As revealed, the firm stated that it remains committed to combating crypto crimes, financing terrorism, and warfare. The stablecoin issuer went on to establish that the latest development represents the efficiency of the blockchain in combating illicit financial activities.
Additionally, Tether stated that the confiscated funds represent an insignificant portion of total money; $445 billion relating to cybercrime. Nonetheless, the stablecoin issuers stressed that the seized funds highlighted the “innovative capabilities and level of security the blockchain can bring to the global financial system.”
How the CEO of Tether reacted to the development
The CEO of Tether, Paolo Ardoino also reflected on the issue. The CEO submitted that cryptocurrency is a powerful tool. This powerful tool according to Ardoino, isn’t an instrument for crime. Further, Ardoino disclosed that against public opinion, crypto transactions are not anonymous. He argued that crypto transactions are mostly traceable due to their record on the blockchain.
Consequently, the CEO established that anyone can leverage records on the blockchain to trace crypto funds. Similarly, he said Tether is committed to promoting the responsible use of cryptocurrency. In addition, he stated that Tether will continue to intensify its fight against cybercrime.
Lastly, the CEO said the stablecoin company is open to collaborating with international enforcement agencies. The company’s willingness to collaborate with enforcement agencies according to the CEO emanated from the firm’s commitment to global security and financial integrity.