Tether Launches New Security Policy, Freezes 41 Sanctioned Wallets
10 Dezember 2023 - 11:40AM
NEWSBTC
Stablecoin issuing company Tether has announced a new security
policy aimed at protecting the crypto ecosystem from bad actors. In
addition, the USDT issuer is looking to enhance its cooperation and
relationship with law enforcement agencies. Related Reading: Tether
Strikes Gold In Bitcoin: Profits Soar Above $1 Billion Amid Bull
Market Tether Freezes 41 New Wallets Following New Security
Policy In a blog post on December 9, Tether stated it would
be introducing a voluntary wallet-freezing initiative designed to
counter the transactions associated with Sanctioned Persons on the
Office of Foreign Assets Control (OFAC) Specially Designated
Nationals (SDN) List. According to Tether, the company
currently has a wallet-freezing policy, but it is only applicable
to wallets on its platform. Moving forward, the stablecoin issuer
now offers its sanctions control on the secondary market, as it
aims to improve its collaboration with governmental agencies in
ensuring the safe use of stablecoins. Interestingly, Tether’s
latest policy is in direct opposition to its stance in 2022 when it
stated it would not willingly restrict sanctioned Tornado cash
addresses, barring a direct order from security agencies. With
its announcement, the stablecoin issuer has now begun
implementation of its new policy and ordered a wallet-freeze of all
41 wallets associated with persons and companies on the OFAC-SDN
list. Commenting on this development, Pablo Ardonio has
expressed much excitement towards user safety and forming stronger
ties with regulators worldwide. He said: This strategic
decision aligns with our unwavering commitment to maintaining the
highest standards of safety for our global ecosystem and expanding
our close working relationship with global law enforcement and
regulators. By executing voluntary wallet address freezing of new
additions to the SDN List and freezing previously added addresses,
we will be able to further strengthen the positive usage of
stablecoin technology and promote a safer stablecoin ecosystem for
all users. Meanwhile, some crypto enthusiasts have welcomed this
development as they believe it could exert some positive effect on
stablecoin adoption in terms of regulations and general
usage. Related Reading: Huobi Global Faces Risks As
Investments In stUSDT Surge To $1.8 Billion Mystery USDT
Transaction In other news, the Tether Treasury transferred $60
million worth of USDT to a “mysterious fund/institution” on
December 8. This development was revealed by blockchain analytics
firm Lookonchain, which also stated that Tether had transferred a
total of $1.76 billion USDT to this fund/institution since October
20, which has been further dispersed to other exchanges.
Being the issuer of the world’s largest stablecoin, large-scale
transactions of this size are bound to draw attention to Tether due
to its importance in the crypto ecosystem. At the time of
writing, USDT maintains its spectacular performance in 2023, having
attained a $90 billion market cap value. This value represents over
70% dominance in the stablecoin market. Total crypto market
cap valued at $1.592 trillion on the daily chart | Source: TOTAL
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