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Tether Freezes $5.2 Million in Stolen USDT


In a recent move, Tether, the issuer of the world’s most popular stablecoin in USDT, has frozen a huge amount of funds.

According to reports, Tether seized $5.2 million worth of USDT that was allegedly linked to fraud.

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Tether Freezes Millions in Phishing Scam Takedown

Tether, the company behind USDT, took a stand against cybercrime earlier today May 14th.

The company froze $5.2 million worth of USDT that was allegedly involved in phishing scams.

This money was found in 12 different Ethereum wallets. These wallets had been flagged by Tether as “USDT Banned Addresses,” meaning they were suspected of illegal activity.

An expert from a company that tracks cryptocurrency transactions, SlowMist, confirmed that these wallets were likely being used to clean stolen money from phishing scams.

However, they didn’t provide any further details based on that.

This move by Tether shows they’re serious about fighting fraud in the cryptocurrency world.

Tether Freezes Billion in Hacked and Scammed Funds

This is not the first time that Tether has frozen an account linked to fraud. Last year, the company froze more than $65 million which is suspected to be connected to a Multichain exploit.


Source: X Post

According to 0xScope, three addresses got $63.2 million in USD coins from Multichain, but they’re now frozen.

Fantom Foundation also found that two addresses listed as “Multichain Suspicious Addresses” had over $2.5 million in frozen Tether.

In total, more than $125 million in cryptocurrencies were taken out from different wallets on the day of the exploit.

This affected Dogechain, Multichain’s Fantom bridge, Moonriver, kava, and Conflux’s ecosystem.

Recall that in 2022, the big stablecoin issuer froze another set of USDT tokens on the Ethereum network. The company froze over $8 million worth of USDT.

WhaleAlert displays how Tether froze three USDT addresses on October 10th.’

Furthermore, based on info from Etherscan, the addresses that got frozen had 3.4 million USDT, 1.95 million USDT, and 2.9 million USDT.

In total, they control $8.2 million worth of USDT which cannot be moved again.

Tether has been working closely with regulators. According to data, Tether has blocked a total of 795 USDT addresses on the Ethereum blockchain.

This blocking started in November 2017, when Tether first blocked a USDT address.

Meanwhile, in a report, the company has introduced a policy to stop activity related to people on the United States sanctions list.

This list is called the Office of Foreign Assets Control Specially Designated Nationals list.

Anyone or any company owned or controlled by countries under sanctions is included on this list.

Tether can freeze activity connected to the people and entities on this sanctions list.

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