The largest stablecoin issuer, Tether has affirmed its commitment to assisting the United States authorities in freezing and reissuing approximately $1.6 million in USDT connected to wallets linked to Buy Cash Money and Money Transfer Company (BuyCash), a Gaz-based financial network tied to terrorist financing operations. The digital asset firm confirmed the development in a blog post on Thursday.
It’s worth noting that the action is part of a broader civil forfeiture case announced by the U.S Department of Justice (DOJ), including the $2 million worth of digital assets used in financing terrorist organizations. As revealed, the law enforcement investigators identified the wallet through coordination in the secondary market. Upon identification, the investigators alerted Tether, who swift into action by freezing the account associated with the funds and reissuing the USDT to assist in the lawful recovery process.
Tether collaborated with Brazilian authorities to block R$32 million laundered through Klever wallet
In the past years, Tether has actively worked with various law enforcement agencies globally to assist in multiple seizures of illicit funds across jurisdictions. Earlier this month, Tether collaborated with Brazilian authorities to block R$32 million ($6.2 Mullion USD) in major cross-border money laundering scheme involving a criminal organization operating through the popular crypto platform Klever Wallet.
Also in June, Tether worked together with the DOJ in an enforcement action involving the seizure of about $225 million in USDT. In March, it also assisted the United States Secret Service in freezing $23 million in illicit funds tied to transactions on the Russian-sanctioned exchange Garantex and helped freeze $9 million connected to the Bybit hack. In addition, at the time of writing this report, Tether has successfully blocked 5,000 wallets, assisting law enforcement with over 2800 in coordination with U.S agencies.
Till date, Tether has frozen over $2.9 billion in USDT tied to illegal activity. It has also assisted over 275 law enforcement agencies across 59 jurisdictions. The digital asset firm has its responsive wallet-freezing policy in accordance with the OFAC Specially Designated Nationals (SDN) list and national regulatory bodies.
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