Tether Blocks $873K Connected To Terror Activities In Ukraine And Israel
The post Tether Blocks $873K Connected To Terror Activities In Ukraine And Israel appeared on BitcoinEthereumNews.com. On Monday, USDT issuer Tether announced the freezing of 32 crypto wallet addresses. These addresses together hold $873,118 and are believed to be associated with activities related to “terrorism and warfare” in Ukraine and Israel. The freezing of these crypto wallet addresses underscores the growing importance of regulatory compliance and security in the cryptocurrency space. Stablecoin issuers, in particular, are facing increasing pressure from governments and financial institutions to ensure that their digital assets are not used for illegal or harmful purposes. This move also highlights the need for enhanced due diligence and monitoring of crypto transactions, as it can help detect and prevent potential misuse of digital currencies for nefarious activities. No To Terror: Blocking USDT Accounts The Israeli police recently disclosed that they have taken measures to freeze cryptocurrency accounts that were utilized for the purpose of soliciting donations for Hamas through various social media platforms. The strike conducted by the terror group on October 7 resulted in the loss of 1,300 lives in Israel. The National Bureau for Counter Terror Financing of Israel has reportedly been working with Tether, the company behind the biggest stablecoin in the world, on their joint venture. USDT market cap currently at $83.7 billion. Chart: TradingView.com The CEO of Tether, Paolo Ardoino, emphasized that blockchain platforms make it simple to track cryptocurrency transactions, which allows Tether to help prevent the usage of USDT associated with funding terrorism. Cryptocurrency primarily operates beyond the confines of the conventional financial system, and the use of wallet addresses with pseudonymous characteristics renders it challenging to trace the individuals responsible for transactions. “Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets,” Ardoino said. In a blog post published in February, TRM Labs, a prominent blockchain analysis firm collaborating with…
The post Tether Blocks $873K Connected To Terror Activities In Ukraine And Israel appeared on BitcoinEthereumNews.com.
On Monday, USDT issuer Tether announced the freezing of 32 crypto wallet addresses. These addresses together hold $873,118 and are believed to be associated with activities related to “terrorism and warfare” in Ukraine and Israel. The freezing of these crypto wallet addresses underscores the growing importance of regulatory compliance and security in the cryptocurrency space. Stablecoin issuers, in particular, are facing increasing pressure from governments and financial institutions to ensure that their digital assets are not used for illegal or harmful purposes. This move also highlights the need for enhanced due diligence and monitoring of crypto transactions, as it can help detect and prevent potential misuse of digital currencies for nefarious activities. No To Terror: Blocking USDT Accounts The Israeli police recently disclosed that they have taken measures to freeze cryptocurrency accounts that were utilized for the purpose of soliciting donations for Hamas through various social media platforms. The strike conducted by the terror group on October 7 resulted in the loss of 1,300 lives in Israel. The National Bureau for Counter Terror Financing of Israel has reportedly been working with Tether, the company behind the biggest stablecoin in the world, on their joint venture. USDT market cap currently at $83.7 billion. Chart: TradingView.com The CEO of Tether, Paolo Ardoino, emphasized that blockchain platforms make it simple to track cryptocurrency transactions, which allows Tether to help prevent the usage of USDT associated with funding terrorism. Cryptocurrency primarily operates beyond the confines of the conventional financial system, and the use of wallet addresses with pseudonymous characteristics renders it challenging to trace the individuals responsible for transactions. “Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets,” Ardoino said. In a blog post published in February, TRM Labs, a prominent blockchain analysis firm collaborating with…
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