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Tether announced a total of $835 million in assets primarily linked to various criminal activities, such as theft , along with smaller portions associated with other illicit activities. The stablecoin issuer has actively cooperated with 31 law enforcement agencies worldwide, assisting in investigations spanning 19 different jurisdictions.
Although the amount frozen by Tether represents only a small fraction of the $445 billion cost imposed on the global economy by cybercrime, the issuer of the USDT stablecoin said its ability to freeze and return stolen funds to their rightful owners “demonstrates the innovative new capabilities and level of security that blockchain technologies can bring to the global financial system.”
“Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets. Every transaction is recorded on the blockchain, making it feasible for anyone to trace fund movements. Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified.”in German-listed Bitcoin miner Northern Data Group in September as part of its expansion effort beyond fintech.
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