Non Cult Crypto News

Non Cult Crypto News

in

Canadian police praise Tether for ‘swift’ recovery of stolen funds

The stablecoin firm previously came under fire from Wyoming Senator Cynthia Lummis for allegedly facilitating illicit finance activities.

COINTELEGRAPH IN YOUR SOCIAL FEED

The Ontario Provincial Police (OPP) thanked stablecoin issuer Tether for its assistance in aiding an investigation by freezing approximately 10,000 Canadian dollars ($7,186) in Tether stablecoins stolen from an individual, which has since been returned to the victim.

Tether worked alongside the OPP’s Cyber Investigations Team to recover the funds, and following the successful operation, Addison Hunter — detective staff sergeant of the OPP — remarked:

“With the voluntary assistance and cooperation of Tether International Ltd., the stolen digital assets were successfully seized and returned to the victim. This collaboration was instrumental in ensuring the swift recovery of the assets.”

Tether CEO Paolo Adoino also highlighted the company’s commitment to “Supporting law enforcement efforts to combat cybercrime,” and will continue to work with law enforcement officials worldwide to “Hold bad actors accountable and, ultimately, support the victims.”

Related: Tether expands into oil trading with $45M transaction

Tether’s long history supporting law enforcement agencies

Ardoino’s statements are supported by years of Tether cooperating with law enforcement authorities and freezing funds when requested to do so by state officials.In July 2020, Tether blacklisted 39 Ethereum network addresses that collectively held roughly $46 million in USDt (USDT).

At the time, industry executives characterized the asset freeze as a “precautionary” measure to combat illicit activities in cooperation with law enforcement.

The stablecoin firm later collaborated with crypto exchange Bitfinex to freeze more than $33 million USDt stolen in the September 2020 hack of the KuKoin exchange — which left the popular exchange drained of approximately $200 million.

Tether proceeded to blacklist additional addresses in January 2022 — freezing $150 million in USDt. No official reason was given for freezing the funds, and the stablecoin issuer blacklisted 312 different addresses during the previous year.

More recently, in December 2023, Tether announced a wallet freezing policy for individuals and entities sanctioned by the United States Office of Foreign Assets Control.

The new policy was enacted after US lawmakers placed pressure on the company to enforce sanctions and scrutinized the company for allegedly being a tool for terrorist organizations to launder money and obtain financing.

Magazine: Terrorism and Israel-Gaza war weaponized to destroy crypto

This article first appeared at Cointelegraph.com News

What do you think?

Written by Outside Source

FTX tries to reclaim $11M from Crypto.com-controlled Alameda account

Binance Labs ventures into DeSci with BIO Protocol investment

Back to Top

Ad Blocker Detected!

We've detected an Ad Blocker on your system. Please consider disabling it for Non Cult Crypto News.

How to disable? Refresh

Log In

Or with username:

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

To use social login you have to agree with the storage and handling of your data by this website.

Add to Collection

No Collections

Here you'll find all collections you've created before.