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Tether engages the FBI and Secret Service against crypto crime

Tether schakelt FBI en Secret Service in tegen crypto criminaliteit

Tether, the issuer of the popular USDT stablecoin, is enlisting the help of both the US Secret Service and the Federal Bureau of Investigation (FBI).

Tether reports that it is taking this step to combat illegal use of its stablecoin and strengthen security measures.

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Tether works with the Secret Service and FBI

Paolo Ardoino, Tether’s new CEO, says in a letter to US authorities that he wants to prevent criminals from misusing the USDT stablecoin.

In the letter, Ardoino explains how the company is working with these law enforcement agencies. The focus is on identifying and blocking transactions related to criminal activity.

By giving the Secret Service and the FBI access to its platform, Tether aims to combat suspicious activity more quickly and effectively.

Tether recently followed up with a controversial decision. The stablecoin company has frozen a large number of wallets that are on the Office of Foreign Assets and Controls (OFAC) sanctions list. Subsequently, more than 200 wallets containing more than 3.5 million USDT were frozen.

Tether, in collaboration with the FBI and Secret Service, has already frozen a total of 326 wallets worth more than 435 million USDT.

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Impact and future challenges for Tether and crypto

Tether wants to prevent USDT from being used for illegal purposes. This partnership comes at a time when Tether is under increasing pressure from authorities who are reportedly concerned about the use of USDT to finance terrorism.

By working with authorities such as the Secret Service and the FBI, Tether shows that it wants to be transparent and is ready to fight crime in the crypto industry.

Tether is trying to gain the trust of the American government. However, the industry is worried. This raises questions about privacy issues and the balance between security and decentralization.

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