Crypto News

Tether Makes a Bold Move, Bans Addresses Supporting Israel-Ukraine Conflict Funding

Tether (USDT) froze 32 crypto addresses associated with funding activities related to terrorism and warfare in both Israel and Ukraine. Israeli Prime Minister Benjamin Netanyahu (R) looks on as US Secretary of State Antony Blinken gives statements to the media inside The Kirya, which houses the Israeli Defence Ministry, after their meeting in Tel Aviv on October 12, 2023. Blinken arrived in a show of solidarity after Hamas’s surprise weekend onslaught in Israel, an AFP correspondent travelling with him reported. He is expected to visit Israeli Prime Minister Benjamin Netanyahu as Washington closes ranks with its ally that has launched a withering air campaign against Hamas militants in the Gaza Strip. (Photo by Jacquelyn Martin / POOL / AFP) (Photo by JACQUELYN MARTIN/POOL/AFP via Getty Images)

Tether, the stablecoin issuer, has made a move by freezing 32 crypto addresses associated with funding activities related to terrorism and warfare in both Israel and Ukraine.

The company’s statement, released, revealed that it seized over $870,000 worth of USDT in the process.

Tether has joined forces with Israel’s National Bureau for Counter Terror Financing (NBCTF) in a joint effort to prevent the misuse of cryptocurrency in funding acts of terrorism and warfare.

Tether’s CEO, Paolo Ardoino, underlined the company’s dedication to promoting the responsible use of blockchain technology and its role as a robust defense against cybercrime.

Ardoino emphasized that while cryptocurrency is a powerful tool, it should not be a tool for criminal activities.

Tether’s efforts in this domain are not new. The company has worked closely with 31 law enforcement agencies across 19 different jurisdictions.

Their collaborative efforts have resulted in freezing a total of $835 million in assets, primarily linked to theft, hacking incidents, and other unlawful actions.

Tether’s journey to freeze funds traces back to a significant breach in 2017 when an external attacker pilfered $30 million worth of USDT from the company.

This incident prompted Tether to take action, and they have since blacklisted over 960 Ethereum addresses, as confirmed by the Bloxy block explorer.


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