Tether Blocks and Holds 5.2 Million USDT from These Accounts

USDT Tether

In the cryptocurrency market, Tether, the largest issuer of stablecoins globally, has drawn attention for its recent move against a phishing group. Tether took action by freezing about 5.2 million USDT from 12 addresses, as reported by the crypto tracking platform MistTrack.

These addresses were flagged as “banned addresses” by MistTrack due to their association with illicit activities.

Tether Takes Action Against Suspicious Wallets

Following recent developments, SlowMist has suggested that the addresses Tether froze could be linked to money laundering activities conducted by phishing groups. It’s common for attackers to move their funds to other platforms and use crypto mixers to launder money. Additionally, Tether has blacklisted several other addresses in recent days, although the specific reasons for this action are unclear.

This isn’t the first time Tether has blacklisted cryptocurrency wallets. In the past, Tether blocked several wallet addresses, including those with significant balances. While the exact reasons behind Tether’s actions remain unknown, it’s believed that these wallets may be involved in illegal activities. This action follows Tether’s previous efforts in November and December 2023 to combat crypto fraud, during which the company froze $225 million in connection with a human trafficking investigation. There is also speculation that these addresses could be linked to terrorist groups, stemming from a previous incident in October 2023 when Tether froze nearly $1 million USDT.

Stability Dominates Cryptocurrency Market

Despite recent activity, today’s cryptocurrency market remains relatively stable, with major cryptocurrencies like Bitcoin, Ethereum, and Binance Coin showing minimal momentum in either direction. Currently, Bitcoin, the largest cryptocurrency, is trading near $61,870, experiencing only about 0.25% upside momentum over the last 24 hours, indicating stability.

Over a longer timeframe, Bitcoin has seen a modest 3% downside momentum in the past 7 days and a 5% downside momentum in the last 30 days. In contrast, Solana has experienced a 3% upside momentum in the last 24 hours. Looking back over the past 7 days, Solana saw a 5% downside momentum, while over the last 30 days, it remained relatively stable, with just a 1.5% upside momentum.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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