Tether, the issuer of the largest stablecoin ‘USDT’ has just proceeded with freezing a large number of USDTs. The reports confirm that the USDTs frozen by Tether are all on the Ethereum blockchain.
Over $8 Million USDT Frozen
Whale Alert, a major cryptocurrency monitoring resource has shared details surrounding Tether’s recent activity.
According to the reports, Tether has frozen a large batch of USDT. Whale Alert has confirmed that Tether has frozen over 8.2 million USDT that amount to more than $8.2 million.
The data from Whale Alert has confirmed that the total number of USDTs frozen on the Ethereum blockchain was on three different addresses. As the data shows, the funds were frozen on October 10.
Three Addresses hold USDT
Whale Alert gathered the logs for USDT from Etherscan for the Ethereum blockchain. It confirmed that the addresses blocked carried 2.9 million USDT, 1.95 million USD, and 3.4 million USDT respectively.
In total, Tether has frozen a total of 8.2 million USDT and now, these funds are not movable. They have been frozen and the addresses will not be able to move them at all.
Tether has Frozen 360 Million in USDT
Tether is a highly cooperative entity when it comes to collaborating with law enforcement authorities and executing operations alongside them.
The company has been working closely with law enforcers and has helped them in several investigations. So far, Tether has frozen a tremendous amount of USDT assets in response to criminal activities.
To be exact, Tether has frozen more than 360 million of USDTs. Out of the total USDTs, 101 million USDTs have been reissued by Tether or have been rescheduled for re-issuance.
No Comments by Tether
After witnessing the freezing activity by Tether, multiple news reporting sources tried to have Tether comment on the situation.
However, Tether has refrained from making comments or issuing any statements on the matter. Tether may not be allowed to share information, which may be requested by law enforcement authorities.
In the past, Tether had issued a statement where it revealed that the company cannot share information or comment on matters that are with law enforcement authorities.
If a matter is being investigated by the law enforcers and Tether is assisting them, they are required to keep the information secret.
USDT May Lose Trust
Although Tether is cooperating with the regulatory and law enforcement authorities to the fullest, it still may not be enough.
The more cases that emerge involving USDT where the authorities are involved, the more USDT loses its reputation in the market.
If an asset becomes quite popular among criminals or fraudsters for money laundering or other illicit purposes, it loses its market reputation among regular investors.