Tether has taken significant action by freezing approximately $4.2 billion worth of USDT tokens associated with illegal activities. According to the network security firm NS3.AI, $3.5 billion of these tokens have been frozen since last year. Recently, Tether collaborated with the U.S. Department of Justice to freeze nearly $61 million in USDT connected to “pig-butchering” schemes. Tether, a stablecoin pegged to the U.S. dollar, is widely used in the cryptocurrency market, with over $180 billion worth of USDT in circulation. Notably, Tether has the capability to remotely freeze tokens at the request of law enforcement agencies, aiming to prevent illicit financial activities and enhance transparency in cryptocurrency usage. This move is seen as a positive step toward combating financial crimes within the crypto industry, particularly against schemes designed to defraud users and seize their funds. Despite these freezes, there has been no significant reduction in USDT circulation, reflecting the stablecoin’s popularity and trust in the crypto market. Going forward, Tether and other cryptocurrency platforms are expected to continue cooperating with law enforcement to reduce financial crimes and protect users, while investors are advised to exercise caution and remain vigilant against suspicious activities.
Source: binance
