With millions of users worldwide, Tether is taking proactive steps against terrorism and war activities financed by cryptocurrencies. In its latest announcement, the company revealed that it has frozen 32 addresses valued at $873,118.34, which were determined to be connected to illegal activities in Israel and Ukraine.
Tether had previously frozen assets totaling $835 million, but the majority of these frozen assets were related to thefts arising from blockchain and swap hacks.
The company is collaborating with NBCTF in Israel to prevent the misuse of cryptocurrencies.
In its statement, Tether emphasized that although these measures might seem like a small step against the $445 billion cost of cybercrimes to the global economy, they hold significant importance. Tether’s newly appointed CEO, Paolo Ardoino, also commented on the matter.
“Cryptocurrency is a powerful tool, but it is not a tool for crime.”Paolo Ardoino.
Proper management and regulation of cryptocurrencies are critically important for the industry to grow securely and sustainably. With this perspective in mind, the CEO stated that Tether and other cryptocurrencies will continue to take various measures to protect legitimate users and prevent potential criminal activities.
Binance Had Also Taken Decisive Actions Early in the conflict
In the early days of the conflict, Binance had taken a similar action. Numerous crypto accounts linked to Hamas were frozen in cooperation with Israel and Binance. Israeli authorities had previously seized about 190 Binance accounts alleged to be connected with terrorist groups even before the conflict began.