- Despite Tether’s active support of law enforcement, the blockchain industry continued to face criticism.
- The firm has been at the forefront of investigations, having collaborated with 31 agencies across 19 different jurisdictions.
Tether [USDT] recently froze 32 addresses tied to illicit activity in Israel and Ukraine, containing a total amount of $873,118.34. The stablecoin firm partnered with the NBCTF in Israel to combat cryptocurrency-driven terrorism and warfare.
Tether has been at the forefront of investigations, having collaborated with 31 agencies across 19 different jurisdictions, aiding in the freezing of $835 million in assets.
The frozen funds were predominantly associated with theft, including blockchain and exchange hacks, with a smaller portion linked to other crimes.
Skepticism to blockchain remains
Despite Tether’s active support of law enforcement, the blockchain industry continues to face criticism and skepticism from some journalists and detractors.
However, Paolo Ardoino, the CEO of Tether, made a strong statement, emphasizing the cryptocurrency industry’s stance against unlawful use. He said,
“Cryptocurrency is a powerful tool, but it is not a tool for crime. Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets. Every transaction is recorded on the blockchain, making it feasible for anyone to trace fund movements. Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified.”
Ardoino further stated,
“Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime. We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.”
Binance joins the fray
Meanwhile, the Financial Times reported that Israeli law enforcement authorities have ordered the closure of over 100 cryptocurrency accounts on Binance [BNB] and are investigating more than 200 additional crypto accounts, primarily held on the exchange as well.
Last week, Israeli authorities collaborated with Binance to freeze multiple accounts believed to be connected to Hamas. These frozen accounts were actively seeking donations through social media, and their actions aimed to disrupt these funds.
