Tether’s Latest Crackdown: $5.2 Million Frozen To Stop Phishing Scandals In Their Tracks
Summary
Tether froze 5.2 million USDT from 12 Ethereum addresses involved in phishing, aiming to combat money laundering. This is part of Tether's broader strategy to cut off illicit financial resources. The company previously froze 225 million USDT connected to human trafficking. Tether's CEO emphasized their support for law enforcement and zero tolerance for misuse of USDT. Despite efforts, Tether's ubiquity in the crypto market has made it a common tool in illicit transactions, with TRM Labs reporting $19.3 billion of illegal transaction volume in 2023. Tether has faced scrutiny from global regulators, with the UN Office on Drugs and Crime identifying it as a tool used by money launderers and fraudsters in Southeast Asia.
