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Tether Takes Action Against Phishing Scams, Freezes $5.2 Million in USDT and Adds 12 Ethereum Wallets to Blacklist


Tether, the world’s largest stablecoin issuer, has taken a significant step to combat illicit activities by freezing $5.2 million in USDT linked to phishing scams on May 14. The frozen assets are stored in 12 Ethereum wallets, which have been designated as “USDT Banned Address” by the company. According to on-chain analytics firm SlowMist, these addresses were being used to launder funds from phishing scams without providing further details.

This latest move is not an isolated incident; Tether has a track record of taking action against illicit activities. The company has frozen billions of dollars in assets linked to hacks, exploits, and scams. In a recent post, Tether CEO Paolo Ardoino revealed that the firm has blocked more than $1.3 billion since its inception, with approximately $1.6 million related to terrorist financing.

Tether has also taken steps to prevent future illicit activities. In January 2022, the company added three Ethereum addresses holding more than $150 million worth of USDT to its blacklist. In October 2022, Tether froze $8.2 million in USDT on Ethereum and added 215 Ethereum-based USDT addresses to its blacklist.

This latest action demonstrates Tether’s commitment to maintaining the integrity of its stablecoin and preventing the misuse of its assets. By freezing the $5.2 million in USDT linked to phishing scams and adding the 12 Ethereum wallets to its blacklist, Tether is sending a strong message that it will not tolerate illicit activities on its platform.

Source: Cointelegraph


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