Tether Blocks Wallets to Curb Crypto-Funded Terror in 2 Countries
The post Tether Blocks Wallets to Curb Crypto-Funded Terror in 2 Countries appeared on BitcoinEthereumNews.com. Tether, the issuer of the Tether (USDT) stablecoin, has taken a decisive stance against terrorism and warfare by blocking 32 wallet addresses in Israel and Ukraine, collectively holding $873,118. The company’s stablecoin, the market leader with a massive $83.6 billion in market cap, is being utilized in collaboration with Israel’s National Bureau for Counter-Terror Financing (NBCTF). The pair are working together to combat the rising threat of cryptocurrency-funded terrorism and warfare. Tether Blocks 32 Crypto Wallets This move comes in response to the recent Hamas attack on Israel, which resulted in the tragic loss of 1,300 lives. In the aftermath, Israeli police, with assistance from Binance, seized crypto accounts used by Hamas to receive funding via social media. The Israeli government treasury subsequently received the transferred funds. A Tether spokesperson said: “Cryptocurrency operates mostly outside of the traditional financial system and wallet addresses are pseudonymous, which makes those behind transactions difficult to track.” However, Tether’s commitment to fighting terrorism and warfare has led to a proactive approach to blocking suspicious wallet addresses. TRM Labs, a US blockchain analysis firm, made claims that Tether was the preferred currency for terrorist financing. The company registered a 240% increase in the use of Tether among the terrorist-financing entities it tracks in 2022, dwarfing the almost 80% rise for Bitcoin. Use of Tether (USDT) and Bitcoin by terror financing entities 2021-2022. Source: TRM Labs Tether first froze USDT funds in Israel on March 16, 2023, while the first Ukrainian-associated freeze occurred in 2021. It has not provided updates about the owners of the wallet addresses or their activities. It also has not given a breakdown between Ukraine-related and Israel-related addresses. Cutting Off the Funds In a parallel development, Israeli police, in collaboration with Binance, seized crypto accounts belonging to Hamas groups. They used the…
The post Tether Blocks Wallets to Curb Crypto-Funded Terror in 2 Countries appeared on BitcoinEthereumNews.com.
Tether, the issuer of the Tether (USDT) stablecoin, has taken a decisive stance against terrorism and warfare by blocking 32 wallet addresses in Israel and Ukraine, collectively holding $873,118. The company’s stablecoin, the market leader with a massive $83.6 billion in market cap, is being utilized in collaboration with Israel’s National Bureau for Counter-Terror Financing (NBCTF). The pair are working together to combat the rising threat of cryptocurrency-funded terrorism and warfare. Tether Blocks 32 Crypto Wallets This move comes in response to the recent Hamas attack on Israel, which resulted in the tragic loss of 1,300 lives. In the aftermath, Israeli police, with assistance from Binance, seized crypto accounts used by Hamas to receive funding via social media. The Israeli government treasury subsequently received the transferred funds. A Tether spokesperson said: “Cryptocurrency operates mostly outside of the traditional financial system and wallet addresses are pseudonymous, which makes those behind transactions difficult to track.” However, Tether’s commitment to fighting terrorism and warfare has led to a proactive approach to blocking suspicious wallet addresses. TRM Labs, a US blockchain analysis firm, made claims that Tether was the preferred currency for terrorist financing. The company registered a 240% increase in the use of Tether among the terrorist-financing entities it tracks in 2022, dwarfing the almost 80% rise for Bitcoin. Use of Tether (USDT) and Bitcoin by terror financing entities 2021-2022. Source: TRM Labs Tether first froze USDT funds in Israel on March 16, 2023, while the first Ukrainian-associated freeze occurred in 2021. It has not provided updates about the owners of the wallet addresses or their activities. It also has not given a breakdown between Ukraine-related and Israel-related addresses. Cutting Off the Funds In a parallel development, Israeli police, in collaboration with Binance, seized crypto accounts belonging to Hamas groups. They used the…
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