The self-described “largest company in the cryptocurrency industry” – Tether – revealed in letters to US lawmakers that it has recently “brought the United States Secret Service into our platform and is in the process of doing the same with the Federal Bureau of Investigation”. (FBI).”
“These strategic relationships reinforce our commitment to support law enforcement in the fight against nefarious activities and contribute to the recovery of victims' funds,” Tether CEO Paolo Ardoino wrote in a letter dated Dec. 15 by Sen. Cynthia Lummis (R-Wyo.) and Rep. French Hill (R-Ark.).
Tether made public “its recent letters to members of the US Senate Banking, Housing and Urban Affairs Committee and the US House Financial Services Committee.”
“These letters detail Tether's commitment to fighting the illicit use of stablecoins,” the company said in a statement. news release.
Tether publishes letters shared with the US Senate Banking, Housing and Urban Affairs Committee and the US House Financial Services Committee
Read more ⬇️https://t.co/wK9iU4ht6i
— Tether (@Tether_to) December 15, 2023
If you think a partnership between a leading cryptocurrency company and the federal government sounds a little fascist, wait, because it gets worse.
“Tether CEO Paolo Ardoino, who recently took the helm of the company, emphasized Tether's recent decision to disable Tether tokens in all wallets on the Assets Bureau's sanction list and Foreign Controls (OFAC). The Block reports “Tether claims to have helped the Department of Justice, the US Secret Service and the Federal Bureau of Investigation (FBI) freeze 326 wallets controlling 435 million USDT to date, although its latest frozen wallets apparently contain many fewer chips than this sum.”
The December 15 letter “outlines Tether's proactive decision to align with the Office of Foreign Assets Control's (OFAC) list of Specially Designated Nationals (SDN), expanding sanctions controls to the secondary market to ensure comprehensive security measures,” the company stated in the news release. liberation
“Tether's launch of a wallet freeze policy on December 1, 2023 is a landmark initiative to improve security and compliance within the cryptocurrency ecosystem,” he continued. “The strategic freeze of wallets associated with the SDN list is a solid move to safeguard users and maintain the integrity of the stablecoin ecosystem.”
In a previous Letter of November 16 in Lummis and Hill, Ardoino wrote that “Tether has collaborated/worked with law enforcement agencies in 19 jurisdictions globally to assist in investigations of illicit activities, including terrorist financing” .
“In particular, Tether has regularly cooperated with the Department of Justice in various investigations and has frozen USDT addresses at their request,” he said. “As a result, Tether has frozen more than 800 million USDT in secondary market addresses, most of which were connected to theft, especially blockchain and exchange hacking. Specifically, Tether has assisted the DOJ with 68 requests separate, resulting in the freezing of 188 addresses, holding ~70,000,000 USDT at the time of the freeze.”
Tether has also worked with “Israel's terror financing agency” and Ukrainian authorities.
AX, the news of Tether's involvement with the government is raising alarm bells.
“Are they bragging about this?!” asked an incredulous user.
“Blink twice if you're in trouble,” suggested another.
“Oh look,” said a third, “nothing to see here.”
Are they bragging about this?!
— Jeff Darling (@jeffld) December 17, 2023
Flash twice if you have problems pic.twitter.com/O7EHObA5Rw
— SuperCryptoBro.eth (@5uperCryptoBro) December 16, 2023
Oh, look nothing to see here https://t.co/z0iq9Ajk7u
— Quickbit (@_Quickbit_) December 17, 2023
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