Tether freezes 225M in stolen USDT

Tether, upon conducting an investigation with OKX and the US Department of Justice, has taken the step of freezing 225 million in stolen USDT. This marks the biggest-ever freeze of USDT to date, further underscoring the efforts of OKX to collectively work with others to create a secure environment for its users.

Tokens frozen are said to belong to self-custodian wallets, linked to the malicious actors in Southeast Asia responsible for pursuing pig butchering romance scams across the world. Chainalysis provided the tools that made the investigation possible. Tether has confirmed the development through an announcement, stating that the investigation went on for months before reaching the current conclusion.

Tether has committed to unfreezing wallets that are lawful but have been frozen for investigation purposes.

Having said that, crypto firms are often accused of creating an environment where funds are unsafe and are mostly used by malicious actors like these to harm society. OKX and other investigating agencies in the US collaborated to demonstrate how the crypto industry can create a safe environment, backed by the transparency of blockchain, serving as a powerful deterrent to illicit activities.

Paolo Ardoino, the Chief Executive Officer of Tether, has called the measures taken by the venture proactive engagement, adding that they remain committed to transparency and setting new standards for safety. Paolo has said that they believe in leveraging the power of technology with relationships to address illicit activities and uphold the standards of the crypto sphere.

Tether indeed stands true to these words. The venture is known to have stringent Anti-Money Laundering and Know Your Customer protocols.

Jason Lau, the Chief Innovation Officer at OKX, has called their collaboration a key tenet of building trust and serving the public good. Jason has stated that OKX is committed to more collaborations on a proactive basis.

Talking about sustaining the integrity of the crypto industry, Tether has shared that Chief Judge Laura Taylor Swain has dismissed the meritless class action complaint that was filed by Shawn Dolifka, who has also decided not to appeal the decision. The dismissal also pertains to Bitfinex companies in every possible aspect.

In the announcement, Tether stated that Shawn made the correct decision to forgo his appeal, as further litigation would not have achieved anything. Tether has called such attempts money grabs, saying it will never fall prey to shameless litigation.

Tether previously froze 32 addresses linked to warfare and terrorism in Ukraine and Israel. The development dates back to October 16, 2023, when Tether highlighted supporting 31 global agencies with the investigation.

Tether, in a recent advancement, has voluntarily frozen 225 million in stolen USDT linked to an international crime syndicate responsible for conducting a pig butchering romance scam. The investigation was done in collaboration with OKX and the US Department of Justice, leveraging the tools of Chainalysis and the transparency of blockchain.