Tether recently frozen 161 portfolios cryptos belonging to individuals sanctioned by OFAC in the United States. An action made following recent measures taken by regulators to combat the misuse of cryptos.
Tether Freezes Portfolios Linked to US Sanctions
Last weekend, Tether Limited, the issuer of the USDT stablecoin announced the freezing of several portfolios belonging to individuals sanctioned by Office of Foreign Asset Controls (OFAC)). This decision, described as a “precautionary measure” aims to prevent any illicit use of its tokens.
The data from Etherscan reveal that on the 161 frozen portfolios, 150 currently have no USDT tokens. However, 11 of these portfolios hold more than 3.5 million USDT, with a particular focus on one holder with 3.4 million USDT. The latter is linked to the recent hacking of the betting platform Stake, according to the investigations of ZachXBT.
Apart from this case, some portfolios have less significant amounts, with two addresses holding around 20,000 tokens each and a third with nearly 60,000. Some of these portfolios even have balances as low as 16 cents of tokens.
Tether’s move comes at a time when regulators are stepping up their efforts to counter the abuse of cryptocurrencies. By freezing these wallets, Tether is clearly demonstrating its commitment to preventing possible accusations of complicity with illicit networks.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
