Tether, the largest issuer of stablecoins, has frozen $870,000 linked to criminal activities in Israel and Ukraine. The company has collaborated with the Israeli crime control authority and is working with 31 countries to freeze criminal finances, totaling $835 million. Freezing an address restricts the ability to transfer funds until the freeze is lifted. Tether's CEO emphasizes that cryptocurrency transactions are traceable and trackable, making it difficult for criminals to use cryptocurrencies for illegal activities. Tether's actions demonstrate its commitment to protecting users, preventing money laundering, and fighting fraud. The company has previously assisted in improving transparency in the industry and has worked with law enforcement to freeze over $360 million in assets. Tether remains dedicated to responsible blockchain technology use and collaborating with global law enforcement agencies for global security and financial integrity. By working with law enforcement, Tether showcases the cryptocurrency industry's ability to combat criminal use effectively and highlights the traceability of blockchain transactions as a deterrent to illicit activities.
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