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It said Thursday that Tether frozen over $344 million worth of $USDT in conjunction with the Office of Foreign Assets Control and US law enforcement agencies.
The action targeted two wallet addresses flagged for connections to unlawful activity, locking the funds before they could be moved.
The freezing came after several US authorities posted information to Tether which connected wallets with sanctions evasion and criminal networks. When the addresses were identified, Tether restricted them.
In a statement, the company said it maintains “no tolerance for illegal use of its products” and has been on OFAC’s Specially Designated Nationals list since then.
“$USDT is not an safe place for illegal activity” or ‘assumption’ of . So when credible links to sanctioned entities or criminal networks are identified, we act immediately and decisively,” CEO Paolo Ardorino said.
Enforcement numbers
Tether currently works with more than 340 police officers in 65 countries. Since those partnerships, there has been over 2,300 investigations worldwide involving US police officers and about 1,200 of them involve the investigation.
The cumulative value of frozen assets has crossed $4.4 billion, with over $2.1 billion tied to American authorities.
In the past, the US Department of Justice recognized Tether’s role in enforcement operations that led to seizures of nearly $61 million and about $225 million (both related with ‘pig butchering’ scams involving victims being groomed over weeks or months into pouring savings into fake investment platforms.
Thanks for reading Tether works with US authorities to block $344 million in illicit USDT flows
