Tether Freezes Millions of Dollars USDT in 40 Addresses Amid Regulatory Pressure

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Stablecoin issuer Tether has blacklisted 40 Ethereum addresses holding hundreds of thousands of of the tether cryptocurrency, 24 of which had been banned this 12 months. This discovering follows the Centre Consortium taking the same motion on account of a request by regulation enforcement.

Tether Frozen in 40 Addresses

Tether has banned 40 Ethereum addresses holding hundreds of thousands of of the stablecoin USDT, in response to an evaluation by Ethereum researcher Philippe Castonguay who shared his findings on Dune Analytics. Banned addresses can’t obtain or ship the cryptocurrency.

The 40 addresses “have been banned from utilizing USDT on Ethereum as of now,” Castonguay defined. In line with the researcher, one handle was frozen in 2017, eight in 2018, seven in 2019, and 24 in 2020 thus far. At press time, the most recent handle on his listing was banned on Friday.

Tether Freezes Millions of Dollars USDT in 40 Addresses Amid Regulatory Pressure
Philippe Castonguay’s Dune Analytics dashboard exhibiting 40 banned Ethereum addresses.

“Tether routinely assists regulation enforcement in their investigations,” Stuart Hoegner, common counsel at Bitfinex, Tether’s sister firm, advised The Block. “By means of the freeze handle characteristic, Tether has been in a position to assist customers and exchanges to save lots of and recuperate tens of hundreds of thousands of stolen from them by hackers.” The publication added that its evaluation reveals that $5.51 million price of USDT is held in addresses blacklisted this 12 months.

Tether will not be the one one freezing its coin. This week, the Centre Consortium blacklisted an handle with $100,000 price of the USDC stablecoin in response to a request from regulation enforcement. Castonguay made the same Dune Analytics dashboard to maintain observe of addresses banned from utilizing USDC, which thus far solely consists of one handle.

In the meantime, the New York Supreme Court docket’s Appellate Division dominated on Thursday that State Legal professional Common Letitia James can proceed her investigations into entities behind tether. Bitfinex and Tether are additionally concerned in one other ongoing lawsuit.

What do you consider Tether’s motion? Tell us in the feedback part beneath.

Picture Credit: Shutterstock, Pixabay, Wiki Commons, Philippe Castonguay, Dune Analytics

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