A record seizure for an international criminal organization.
Tether has decided, voluntarily according to a statement from the group that controls the stablecoin, to freeze $225 million in Tether that would be linked to an international criminal organization, particularly active in crypto-related fraud.
Tether himself announced this on his website official blog, speaking of coordinated activity with the OKX stock exchange and also with the US Department of Justice. In the event that there are errors confirmed by the involved police, the funds will soon be returned to their legitimate owners, the press release states. A measure that will not fail to spark debates and yet confirms the coordination between Tether, exchanges and those active in hunting down criminals.
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Tether: $225 million frozen
An international criminal organization, dedicated to so-called frauds pig slaughterhouse. In other words, that’s what we call them in our area romantic scams, who resort to emotional manipulation with the ultimate goal of clearing the accounts of unfortunate people. A very widespread problem, for which it would still be necessary to intervene urgently Chainof OKX and also the US Department of Justice. The result? Tether has already intervened to block $225 million in funds.
Our recent collaboration with the Department of Justice underscores our commitment to creating a safe environment. We believe in leveraging technology and relationships, as in our partnership with OKX, to proactively address illegal activity and set the highest standards of integrity in the industry.
This is a comment from Paolo Ardoin, followed by a comment from Jason Lau, who serves as head of innovation for OKX.
Collaboration with major industry players, including crime-fighting agencies, is a key part of our approach to building trust and serving the public as a leader in the crypto industry. OKX will continue to contribute to these initiatives.
Ready to unfreeze funds in case of…
The freezing of funds took place as a precaution, and Tether points out that it will cooperate with the agencies in case of errors law enforcement to immediately return access to the funds to the legitimate owners.
The sum is certainly important: it is about 225 million dollars that were kept non-custodial wallet and therefore not on the stock exchanges either. We will closely follow the evolution of this specific situation, which however speaks of a crypto world that is very far from what the newspapers describe it as. A crypto world that cooperates, when possible, with the authorities.