- 32 crypto wallet addresses linked to terrorist groups were suspended.
- To date, Tether has assisted in law investigations across 19 countries.
- Contrary to popular belief, blockchain does not provide untraceability.
The stablecoin giant Tether (USDT) published a report declaring to have freshly blocked 32 cryptocurrency addresses linked to terrorism and war crimes against citizens of Israel and Ukraine. Tether’s cybercrime fighting efforts resulted in a total of $873,118.34 frozen across the 32 wallets, and the stablecoin issuer actively collaborated with Israeli authorities.
Tether’s New CEO Weighs in on Cybercrime
Tether’s freshly appointed new CEO, Paolo Ardoino, has been known as the face of the company for years. He takes over the reins from Jean-Louis van der Velde (JL), who will continue to work in an advisory capacity. Van der Velde remains the CEO of Bitfinex, while Ardoino continues the Chief Technology Officer (CTO) role at Bitfinex.
In the public statement on October 16th, 2023, Ardoino destroyed the myth about anonymous and untraceable crypto payments. “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.”
Because of the ability to easily track and trace transactions, Paolo Ardoino alleges that cybercriminals have to be “foolish” to employ cryptocurrencies to carry out illicit activities, such as the recent horrendous terrorist attacks in Israel by Hamas and the ongoing Russian invasion of Ukraine. “Cryptocurrency is a powerful tool, but it is not a tool for crime,” concluded the CEO.
On the Flipside
- The confiscated $873,118 is a drop in the ocean compared to the estimated $445 billion cost of ongoing warfare to the global economy.
Why This Matters
Cryptocurrency industry leaders must assist in cybersecurity crimes due to the transparent nature of the blockchain.
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