Tether and INHOPE have joined forces to increase the visibility and control of cryptocurrency payments used to finance child abuse content marketplaces.
Through this collaboration, the two organizations are looking to develop a standard practice for the cryptocurrency industry to identify and report illicit marketplaces.
Furthermore, Tether is working with law enforcement, financial intelligence units, lawmakers, and standard-setting bodies in order to gain a better understanding of how to identify and report transfers related to online CSAM marketplaces.
INHOPE, which has been operating since 1999, has a network of communication hotlines that includes all European Union member states, Russia, South Africa, North and South America, Asia, Australia, and New Zealand.
This partnership will help disrupt the illegal use of cryptocurrencies to fund the exchange of child abuse material.
Lastly, Samantha Woolfe, global partnerships head at INHOPE, highlighted the importance of collaboration between private and public sector organizations in order to find solutions to fight CSAM.
