Tether, the global leader in stablecoin issuance, has bolstered its collaboration with law enforcement agencies worldwide. Aiming to stifle cryptocurrency-fueled terrorism and illegal warfare, the company has been notably proactive. To date, its efforts have aided 31 agencies across 19 international jurisdictions, freezing assets valued at approximately $835 million. Moreover, these actions have largely focused on theft-related incidents and a fraction on other crimes.
<h2 class="wp-block-heading" id="crossing-borders-in-crime-prevention">Crossing Borders in crime prevention</h2>
According to a <a href="https://tether.to/en/tether-freezes-32-addresses-linked-to-terrorism-and-warfare-in-israel-and-ukraine/" rel="noopener noreferrer nofollow" target="_blank">report </a>by Tether, nations benefiting from Tether’s cooperation are Brazil, Singapore, Philippines, Germany, South Korea, and many others spanning multiple continents. Recently, the company froze 32 addresses connected to terrorism and illegal warfare in Israel and Ukraine. These addresses held a combined amount of $873,118.34. Besides its global outreach, Tether is also working closely with Israel’s National Bureau for Counter-Terror Financing (NBCTF) to mitigate risks associated with cryptocurrency in terrorism and warfare.
Despite the skepticism surrounding cryptocurrency’s role in crime, Tether CEO Paolo Ardoino offers a different narrative. “Cryptocurrency transactions are not anonymous. They are the most traceable and trackable assets,” Ardoino clarified. According to him, every transaction is registered on the blockchain, making fund tracking straightforward. Consequently, criminals using cryptocurrency are bound to face the repercussions sooner or later.
Even though cybercrime poses a $445 billion burden on the global economy, Tether’s actions manifest the inherent advantages of blockchain technology. The transparency and traceability of blockchain transactions act as effective deterrents against illegal activities. Hence, Tether’s efforts emphasize not only the reactive capabilities of law enforcement but also the proactive measures that the cryptocurrency industry can deploy against crime.
Since Russia’s invasion last year, crypto has been widely used in Ukraine. After appealing for donations, Kyiv managed to raise over $100 million in crypto. According to blockchain researcher Chainalysis, pro-Russian groups have also utilized crypto for funding in eastern Ukraine.
However, Tether’s ongoing collaboration with global agencies paints a different picture. It highlights a committed effort to augment the fight against terrorism, theft, and other illicit activities. The company foresees a sustained partnership with law enforcement agencies globally as part of its allegiance to financial integrity and global security.
Tether’s increased involvement in thwarting illegal activities comes in the wake of disturbing trends identified by U.S. blockchain analysis firm TRM Labs. In a February blog, TRM pointed out a 240% surge in the use of Tether among entities engaged in terrorist financing. This figure starkly contrasts an 80% rise in the use of Bitcoin, the leading cryptocurrency. Despite the alarming stats, Tether remains unyielding in its resolve to work closely with global agencies, thereby raising the bar for the entire crypto industry in crime prevention.
Cryptopolitan <a href="https://www.cryptopolitan.com/binance-israeli-police-stop-hamass-crypto-donations-amid-rising-conflict/" rel="noopener noreferrer nofollow">reported</a> last week that the Israeli police suspended cryptocurrency accounts used to request contributions for Hamas through social media platforms. Hamas’ attack on Israel on October 7 killed 1,300 people.

Tether freezes over $873,000 connected to ‘terrorism and illegal warfare’ in Israel and Ukraine

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