Thursday, September 19, 2024- Reports said that Tether had frozen over 1,850 wallets linked to criminal activities, collaborating with more than 180 global agencies across 45 jurisdictions.
This aggressive move, detailed in Tether’s latest report, resulted in the recovery of $1.86 billion in assets.
The company’s efforts follows its ongoing fight against financial crime, with a core focus on strict adherence to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.
Tether has also strengthened its relationships with law enforcement, assisting in high-profile cases involving cybercriminal groups, including the notorious North Korean hacking collective, the Lazarus Group.
Tether’s action to freeze wallets linked to criminal operations also shows the company’s commitment to preserving the integrity of its ecosystem.
In a separate legal development, the UK High Court recently ruled that Tether’s USDT stablecoin holds property status, setting a critical legal precedent for digital assets.
The ruling was part of a case involving fraud victim Fabrizio D’Aloia, who sought to recover stolen USDT. The court affirmed that USDT could be traced and subjected to trust claims under English law.
Though D’Aloia’s case didn’t lead to the recovery of his funds, the ruling establishes an essential legal framework for handling digital assets in future cases.
