Crypto NewsNewsTether Announces Its Largest Fund Freeze Ever

Tether Announces Its Largest Fund Freeze Ever

Tether, the world's largest stablecoin company, announced in its statement that it has made the largest fund freeze in cooperation with the USA.

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Tether and cryptocurrency exchange OKX announced that they are cooperating with the United States Department of Justice (DOJ) in an investigation that resulted in the voluntary freezing of approximately 225 million USDT tokens.

These tokens were found in external wallets linked to an international human trafficking group in Southeast Asia.

The joint investigation, using tools from blockchain analysis company Chainalysis, led to the largest funding freeze of USDT in history. Tether and OKX worked together over several months to alert US law enforcement agencies, including the DOJ, to the location of illicit funds by analyzing the flow of these funds through the blockchain.

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This preemptive action led to the United States Secret Service requesting a freeze and the company voluntarily freezing the funds. The frozen wallets are on the secondary market and are not associated with Tether's customers.

The company's CEO, Paolo Ardoino, emphasized the company's commitment to security and transparency in the crypto space. He stated that Tether aims to set a new standard for security in the crypto space through proactive interaction with global law enforcement.

OKX Chief Innovation Officer Jason Lau also emphasized the importance of collaborating with industry groups, including law enforcement, to build trust and serve the public interest.

*This is not investment advice.



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