As a seasoned crypto investor with a knack for navigating the digital frontier, I find myself deeply appreciative of Tether’s unwavering commitment to law enforcement and their proactive stance against cybercrime. Having had my fair share of close calls with nefarious actors in this space, I can attest that the swift action taken by Tether and their partners at the OPP is not only reassuring but essential for maintaining trust within our community.
The Ontario Provincial Police (OPP) expressed gratitude towards Tether, the stablecoin issuer, for their cooperation during an investigation. This collaboration led to the freezing of about 10,000 Canadian dollars ($7,186) worth of Tether stablecoins that were stolen from a person. Fortunately, these frozen funds have now been restored to the rightful owner.
In collaboration with the Ontario Provincial Police’s (OPP) Cyber Investigations Unit, Tether helped retrieve the stolen funds. After a successful recovery operation, Addison Hunter – a staff sergeant from the OPP – commented favorably on the outcome.
“With the voluntary assistance and cooperation of Tether International Ltd., the stolen digital assets were successfully seized and returned to the victim. This collaboration was instrumental in ensuring the swift recovery of the assets.”
As an analyst, I’d rephrase it like this: In line with our stance, I, as a representative of Tether, underline our dedication towards assisting global law enforcement agencies in their mission against cybercrime. Our ongoing collaboration aims to bring wrongdoers to justice and, ultimately, provide support to the victims affected by these malicious acts.
Tether’s long history supporting law enforcement agencies
As an analyst, I can affirm that Ardoino’s statements are substantiated by Tether’s consistent collaboration with law enforcement agencies over the years. This cooperation includes freezing funds when directed to do so by state officials. For instance, in July 2020, Tether proactively blacklisted 39 Ethereum network addresses that collectively held approximately $46 million in USDt (USDT), demonstrating their commitment to compliance and transparency.
Initially, industry leaders portrayed the seizure of assets as a preventive step taken alongside law enforcement agencies to curb illegal actions.
After the hack on KuKoin exchange in September 2020 that resulted in a loss of around $200 million, the stablecoin company eventually partnered with crypto exchange Bitfinex to halt over $33 million USDt that had been stolen.
In January 2022, Tether blocked more addresses, thereby locking up around $150 million worth of USDt. The reasons behind this move weren’t disclosed, and it was revealed that a total of 312 unique addresses were blacklisted by the stablecoin issuer during the preceding year.
In late 2023, Tether implemented a policy to freeze wallets belonging to individuals or organizations under U.S. sanctions by the Office of Foreign Assets Control (OFAC).
The new policy came into effect following intense scrutiny by U.S. legislators, who urged the company to implement sanctions and accused it of potentially serving as a means for terrorist groups to wash money and secure funding.
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2024-11-09 01:04