Tether Freezes 40 Crypto Wallets

Tether enhances security by freezing 41 wallets, showcasing its commitment to a safer, more reliable cryptocurrency ecosystem.

Kieth Rean Garcia

Kieth Rean Garcia

December 10, 2023 6:10 AM

Tether Freezes 40 Crypto Wallets

In this article, we’ll discuss how Tether, a major stablecoin company, has recently taken a big step to improve safety by freezing 41 wallets. This move is part of their effort to make their system more secure and trustworthy. We’ll explore what this action means for the world of cryptocurrency.

Tether’s Proactive Measures Against Sanctions

Tether has frozen 41 crypto wallets linked to individuals on the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals (SDN) List. This action, described as a precautionary measure, reflects Tether’s commitment to compliance and security. Notably, several of these wallets were associated with the coin-mixing service Tornado Cash, used in the past six months. One of the frozen wallets is even linked to the infamous $625 million Ronin Bridge attack, attributed to the North Korean hacking group Lazarus Group.

Paolo Ardoino, Tether’s CEO, emphasized the importance of these actions. He stated, “By executing voluntary wallet address freezing of new additions to the SDN List and freezing previously added addresses, we will be able to further strengthen the positive usage of stablecoin technology and promote a safer stablecoin ecosystem for all users.” This move follows Tether’s previous actions in October, where they froze 32 wallets linked to terrorism and warfare in Ukraine and Israel, and another instance where they froze $225 million related to a human trafficking syndicate.

New Policy for Ecosystem Security

In a parallel development, Tether has introduced a new policy aimed at bolstering the security of its ecosystem. While specific details of this policy were not accessible from the provided link, it’s clear that Tether is taking proactive steps to ensure the safety and integrity of its operations. This move likely involves enhanced monitoring and compliance measures to prevent misuse of its platform and to align with global regulatory standards.

How to BUY Tether?

Bitget offer a secure and straightforward way to purchase Tether. Bitget is known for its robust security and user-friendly interface, making it an ideal choice for both new and experienced traders. To buy Tether on Bitget, simply create an account, complete the necessary KYC procedures, deposit funds, and start trading.

Kieth Rean Garcia
Article By

Kieth Rean Garcia

Kieth is an Article Writer, Digital Nomad, Web3 Enthusiast, and NFT Gamer, currently based in the Philippines. Actively involved in the blockchain space for 3 years, his work spans across writing and exploring the potentials of Web3 and NFTs.

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