Tether, the company behind the popular USDT stablecoin, is ramping up efforts to prevent the misuse of its coins for illegal purposes.
In a letter to US legislators, newly appointed Tether CEO Paolo Ardoino outlined his vision for stopping malicious actors from exploiting Tether’s stablecoins.
Key to this vision is close cooperation with law enforcement. Tether has already assisted agencies like the Department of Justice, Secret Service, and FBI in freezing over $435 million worth of funds. Building on this, Tether has now onboarded the Secret Service and is doing the same with the FBI to further relationships.
The increased law enforcement collaboration comes after US Senators urged the DOJ in October to investigate Tether’s alleged enablement of terrorism financing and sanctions violations. While denying the allegations, Tether maintains its commitment to fighting crime.
CEO Paolo Ardoino highlighted Tether’s recent wallet-freezing policy which has restricted access to over 200 wallets associated with illicit activities, freezing $3.5 million worth of tokens so far. Between bolstering polices and cementing law enforcement ties, Tether aims to prevent the abuse of its system and enhance integrity across the crypto industry.
Also read: FTX’s Amended Reorganization Plan: A New Valuation Approach for Crypto Claims
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