Tether Freezes Millions of Dollars USDT in 40 Addresses Amid Regulatory Pressure

Tether Freezes Millions of Dollars USDT in 40 Addresses Amidst Regulatory Pressure

Stablecoin issuer Tether has actually blacklisted 40 Ethereum addresses holding millions of dollars of the tether cryptocurrency, 24 of which were banned this year. This finding follows the Centre Consortium taking a similar action due to a demand by law enforcement.

Tether Frozen in 40 Addresses

According to the researcher, one address was frozen in 2017, eight in 2018, 7 in 2019, and 24 in 2020 so far. At press time, the most current address on his list was banned on Friday.

Philippe Castonguay’& rsquo; s Dune Analytics dashboard revealing 40 banned Ethereum addresses.

The 40 addresses “& ldquo; have actually been banned from utilizing USDT on Ethereum currently,” & rdquo; Castonguay described. According to the researcher, one address was frozen in 2017, 8 in 2018, seven in 2019, and 24 in 2020 so far. At press time, the newest address on his list was banned on Friday.

Tether has prohibited 40 Ethereum addresses holding countless dollars of the stablecoin USDT, according to an analysis by Ethereum scientist Philippe Castonguay who shared his findings on Dune Analytics. Prohibited addresses can not send the cryptocurrency or receive.

Tether is not the only one freezing its coin.

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“& ldquo; Tether consistently helps law enforcement in their investigations,” & rdquo; Stuart Hoegner, general counsel at Bitfinex, Tether’& rsquo; s sister business, informed The Block. “& ldquo; Through the freeze address function, Tether has actually been able to help exchanges and users to conserve and recover 10s of countless dollars stolen from them by hackers.” & rdquo; The publication added that its analysis shows that $5.51 million worth of USDT is held in addresses blacklisted this year. Tether is not the only one freezing its coin. Today, the Centre Consortium blacklisted an address with $100,000 worth of the USDC stablecoin in action to a request from law enforcement. Castonguay made a similar Dune Analytics dashboard to keep an eye on addresses banned from utilizing USDC, which up until now just includes one address.

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Meanwhile, the New York Supreme Court’& rsquo; s Appellate Division ruled on Thursday that State Attorney General Letitia James can continue her investigations into entities behind tether. Bitfinex and Tether are likewise involved in another ongoing lawsuit.