Tether Freezes Nearly $1M Tied to Terror in Israel and Ukraine

Stablecoin behemoth Tether steps in to assist Israel and Ukraine as global security concerns arise.

Little green toy soldiers protecting the frozen Tether coins.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

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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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.