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Stablecoin issuer Tether froze around $5.2 million USDT on addresses believed to be operated by phishing scammers.&nbsp;
Blockchain analytics shop SlowMist <a href="https://twitter.com/MistTrack_io/status/1790215338170446058" target="_blank" rel="noopener noreferrer nofollow">reported</a> that 12 Ethereum addresses with disabled Tether (USDT) holdings were involved in the freeze. Each wallet was labeled “USDT Banned Address”, and a SlowMist security researcher said the funds seemed associated with an on-chain criminal gang.&nbsp;
Phishing is rampant within the crypto sphere, with bad actors mimicking genuine platforms or dapp to steal private keys and compromise wallets.&nbsp;
Scammers continue to launch attacks, but security experts noted that users and platforms have developed robust defenses against these scams.&nbsp;According to CertiK, last month marked the lowest amount lost to scams and phishing hacks since 2021. Bad actors could only <a href="https://crypto.news/certik-damage-from-hacks-scams-reaches-lowest-level-since-2021/" target="_blank" rel="noopener noreferrer nofollow">pilfer</a> $25.7 in April, per reports.&nbsp;
You might also like: <a href="https://crypto.news/tethers-ardoino-says-uninformed-ceo-spreads-fud-about-usdt/" rel="noopener noreferrer nofollow"> Tether’s Ardoino says ‘uninformed CEO’ spreads FUD about USDT </a>
<h2 class="wp-block-heading" id="tether-s-centralization-may-help-combat-illicit-wealth">Tether’s centralization may help combat illicit wealth</h2>
Usually, freezing stolen crypto wealth proves difficult as decentralized entities may adopt a hyper-censorship-resistant model. In cases like this, Tether’s centralized structure may aid in stemming criminal activity.&nbsp;
This is also not the first time the stablecoin issuer has stepped in. In March, Tether <a href="https://crypto.news/tether-blacklists-four-addresses-holding-over-20m-in-usdt/" rel="noopener noreferrer nofollow">blacklisted</a> four addresses holding more than $20 million in USDT as part of a pushback against criminal use of its stablecoin.
The company promised to bolster its operations against illicit activity following claims from the United Nations alleging negligence by the USDT operator.&nbsp;In a letter to U.S. lawmakers, Tether also <a href="https://crypto.news/tether-transparency-stance-us-lawmakers-crackdown/" rel="noopener noreferrer nofollow">affirmed</a> the intention to widen its spotlight on illicit crypto transactions executed via stablecoin corridors.&nbsp;
Read more: <a href="https://crypto.news/tether-ceo-fires-back-at-accusations-about-company-solvency/" rel="noopener noreferrer nofollow"> Tether CEO fires back at accusations about company solvency </a>

Tether froze $5.2m USDT from suspected scammers

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