Cryptocurrencies have consistently held importance during periods of turmoil, as indicated in past instances, including Ukraine’s situation. Once more, in the ongoing conflict between Israel and Hamas, crypto assets have been employed to finance acts of terrorism and warfare. To counter this, numerous crypto companies have taken proactive measures. Tether, the world’s largest stablecoin provider, has followed suit, freezing a total of 32 addresses.
As per a recent blog post from Tether, it was revealed that the 32 addresses in question were associated with a combined sum of $873,118.34. These wallets were all connected to unlawful activities taking place in Israel and Ukraine. Tether CEO Paolo Ardoino said,
“Cryptocurrency is a powerful tool, but it is not a tool for crime. Contrary to popular belief, crypto transactions are not anonymous; they are the most traceable and trackable assets. Every transaction is recorded on the blockchain, making it feasible for anyone to trace fund movements. Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified.”
The world’s largest crypto exchange, Binance, joined forces with the Israeli Police in a recent partnership aimed at halting the flow of cryptocurrency funds associated with Hamas.
Also Read: Binance & Israeli Police Collaborate To Stop Hamas-Linked Crypto Funds
Tether Works With Israel’s NBCTF
This recent action is part of Tether’s collaboration with the NBCTF in Israel. It aims to combat the use of crypto to fund terrorism and military activities. Tether has been actively assisting law enforcement in this regard. However, it’s worth noting that there are individuals within the blockchain industry, including some journalists and critics, who are attempting to frame arguments against the industry.
It’s important to highlight that, up to this point, Tether has collaborated with 31 organizations globally. This is an investigation spanning 19 different regions. They have successfully frozen a total of $835 million in assets, predominantly linked to theft. This specifically involves blockchain and exchange breaches, with a smaller portion associated with other criminal activities. Ardoino further added,
“We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.”
Tether has partnered with various countries, including Brazil, Singapore, the Philippines, Germany, South Korea, Norway, Poland, Switzerland, Greece, Canada, Croatia, Italy, Argentina, Australia, Belgium, the Cayman Islands, China, the Netherlands, El Salvador, Hong Kong, India, Ireland, Israel, Kyrgyzstan, New Zealand, Spain, Taiwan, the UK, Ukraine, Estonia, and the United States.
Also Read: Tether’s USDT Stablecoin Has Peg Stability Issue, Says Analyst