$150 million in USDT was frozen by Tether

A rationale for blacklisting three addresses has not been given by Tether, although it has done so in the past to cooperate with law enforcement and help exchanges following cyberattacks

Share

Three additional Ethereum addresses have been added to Tether’s blacklist. These addresses hold more than $150 million in Tether (USDT).

Tether can blacklist any accounts that it believes are involved in any kind of illegal activities or crimes, such as laundering money or other reasons since it’s a centralized company.

Nov. 28, 2017, was the first time an address was banned by Tether. Since then, 563 addresses have been blacklisted, of which the share of 2021 was more than half of all, at 312, suggesting more malicious activities in the crypto space last year.

The addresses that had committed cybercrimes or were involved in law enforcement investigations were blacklisted by Tether, and Tether has not issued a statement to explain this. Tether froze $35 million in USDT to stop the attackers from transferring the money after an attack on Kucoin in September 2020.

Arcane Asset's chief investment officer, Eric Wall, has cited "precautionary considerations" for a potential Tether freeze in 2020 as a possible explanation for the blacklisting.

Terra's algorithmic stablecoin, TerraUSD, is being adopted more due to its concerns about the lack of decentralization (UST). It has a market value of $10.6 billion, making it the fourth-largest stablecoin. In comparison with USDT, which has a market capitalization of $78.5 billion, the decentralized rival still has a market capitalization of only $5.7 billion.

In response to these blacklistings by Tether and having quoted Coindesk’s tweet regarding Tether blacklistings, founder of Terra, Do Kwon, said that blacklisting is not an option in UST addresses.

20.png

Source: Do Kwon Twitter

Categories

Cryptocurrency(5)

Latest News

$150 million in USDT was frozen by Tether

A rationale for blacklisting three addresses has not been given by Tether, although it has done so in the past to cooperate with law enforcement and help exchan ...

JAN 14, 2022

Pakistanis have $20 billion in crypto assets

The local association chief said that Pakistanis have $20 billion in crypto assets, and they need to set up a policy for that. ...

DEC 22, 2021

With many parachain deployments, Polkadot anticipates disrupting Web 3.0.

Parachains have been among the greatest achievements of Polkadot and it took Polkadot five years to build them which were auctioned off to teams. ...

DEC 19, 2021

Reddit will go public

Internet forum Reddit Social network announced its plans of going public and it is filing for an IPO. ...

DEC 17, 2021

Tags

Tether

USDT

Cryptocurrency Regulations

Tags

Tether

USDT

Cryptocurrency Regulations