Tether announces new wallet-freezing policy to boost security—what you need to know

Tether, the company responsible for the largest stablecoin in the cryptocurrency market, has taken a proactive step in its security measures by announcing a new wallet-freezing policy today. This initiative, decided on December 1, 2023, aligns with the U.S.

Timeline of Tether

In a recent interview with Tony of Thinking Crypto, Ron Hammond from the Blockchain Association shed light on the evolving dynamics between Binance, Tether, and regulatory authorities in Washington, DC. The conversation primarily focused on the recent settlement between Binance and the Department of Justice (DOJ), and the ongoing concerns surrounding Tether.

Tether, the largest dollar-referenced stablecoin issuer by market cap, says it is working with El Salvador on its “Adopting El Salvador Freedom Visa Program.” The Visa program aims to attract individuals who will help boost the economy of the Central American country.

The market capitalization of Tether‘s stablecoin USDT has surpassed $90 billion. This indicates strong investor demand for stablecoins and the growth of their use in the digital economy.

Tether, the company behind the issuance of USDT, the largest stablecoin, has blacklisted more than 30 addresses that have received billions in USDT since their first use. According to blockchain intelligence firm Chainargos, the blacklisted addresses had received $161 million from Whitebit, a European exchange with Ukrainian roots.

In a bid to revolutionize capital raisings, Bitfinex and Tether launched ALT2611, a tokenized bond backed by Tether (USDT). However, two weeks after its debut, the result has been disappointing. With an initial goal of raising 10 million USDT, only a modest 15% has been achieved, equivalent to 1.5 million USDT.

Tether and Bitfinex, key players in the cryptocurrency arena, have taken a noteworthy step towards transparency by retracting their opposition to a Freedom of Information Law (FOIL) request in New York.

Tether, which claims to be one of the largest companies in the cryptocurrency industry, says that it continues its unwavering commitment “to combat illicit activities and provide support to victims through its assistance to, and support of, law enforcement agencies.” As the U.S.

In a notable shift toward transparency, cryptocurrency giants Tether and Bitfinex have withdrawn their opposition to the Freedom of Information Law (FOIL) request. This decision, pivoting from their previous stance, potentially marks a new chapter in the cryptocurrency regulatory narrative.

The U.S. Department of Justice (DOJ) has seized $9 million in tether (USDT) allegedly linked to “pig butchering” crypto scams. The Justice Department explained that U.S. Secret Service agents and analysts tracked the laundering of victims' crypto deposits through numerous cryptocurrency addresses, where they were exchanged for various cryptocurrencies.

Cryptocurrency exchange Binance has moved $3.9 billion in Tether (CRYPTO: USDT) from its cold wallet just before settling with the Department of Justice (DOJ). What Happened: According to a Decrypt report on Tuesday, this transfer took place just days prior to Binance and its CEO finalizing a $4.3 billion settlement with the DOJ over allegations of money laundering.