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Tether, a major stablecoin issuer, recently joined forces with the Ontario Provincial Police (OPP) to successfully retrieve approximately 10,000 Canadian dollars (around $7,186) in stolen USDT stablecoins, marking another milestone in Tether’s ongoing cooperation with law enforcement agencies.
The incident began when an individual reported stolen Tether funds, leading the OPP’s Cyber Investigations Team to seek assistance from Tether. Through swift action and close collaboration, Tether was able to freeze the funds, which were then returned to the victim.
Addison Hunter, Detective Staff Sergeant of the OPP, commended Tether’s cooperation, stating, “With the voluntary assistance and cooperation of Tether International Ltd., the stolen digital assets were successfully seized and returned to the victim.”
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Tether’s CEO, Paolo Ardoino, highlighted the company’s dedication to supporting law enforcement and upholding ethical standards within the crypto space, affirming its commitment to “holding bad actors accountable and supporting victims” globally.
Tether Supports Global Law Enforcements
Tether’s partnership with global law enforcement is not new. The company has an extensive history of asset freezes and flags in response to requests from authorities.
In July 2020, Tether flagged 39 Ethereum addresses linked to approximately $46 million in USDT, a “precautionary” move intended to curb criminal activities. The stablecoin issuer later collaborated with Bitfinex to freeze more than $33 million in stolen funds following a high-profile hack of the KuCoin exchange, which saw the theft of nearly $200 million.
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The company’s intervention has continued into recent years, with Tether freezing $150 million in assets across 312 different accounts in 2022. The reasons behind these actions were not always publicly disclosed, but they consistently aligned with law enforcement requests to counter illicit activities.
Commitment to Global Security Intensifies
In December 2023, Tether took further measures to align with regulatory standards by instituting a new policy to freeze wallets associated with sanctioned individuals and entities flagged by the U.S. Office of Foreign Assets Control.
This move followed growing scrutiny from U.S. lawmakers, who have pressured Tether to bolster compliance and enforce sanctions rigorously. Lawmakers have expressed concerns over the potential misuse of stablecoins in financing illicit organizations.
