Tether, the stablecoin issuer, has announced that it has frozen $835 million in assets connected to various criminal activities, including theft from blockchain and exchange hacks. The company has worked with 31 law enforcement agencies worldwide and assisted in investigations across 19 jurisdictions. Tether has collaborated with countries such as Brazil, Singapore, the United States, and Canada, among others, to combat illicit activities related to cryptocurrency.
In a recent press release, Tether revealed that it had frozen 32 addresses containing $873,118.34 that were found to have connections to illegal activities in Israel and Ukraine. The stablecoin issuer has partnered with the National Bureau for Counter-Terror Financing of Israel (NBCTF) to combat cryptocurrency-funded terrorism and warfare. While the amount frozen represents a small fraction of the global costs of cybercrime, Tether believes that its ability to freeze and return stolen funds demonstrates the innovative capabilities and security that blockchain technologies can bring to the global financial system. Tether aims to continue thwarting the criminal use of crypto and working with law enforcement agencies globally.
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