Tether Froze More Than $150 Million Worth of USDT

Most of the cryptocurrencies are becoming a big issue for many traders around the world and they have been facing several issues. At the side, cryptocurrency is one of the largest trading and investment market but on the other side, it also shows several problems to the investors. In recent years, Tether stable coin has been one of the biggest questions in crypto that has not changed as advocacy has grown. Along with this, Decentralization has also become a hot topic and even, the word has not been mentioned in the Bitcoin whitepaper of Satoshi Nakamoto. It is the primary identity that has been hooked on to bitcoin and crypto in general since near inception.

Well, Decentralization is one of the many questions surrounding around Tether. In recent days, the spotlight is just capturing by this since Tether announced that almost $160 million worth of stablecoin (USDT) will be frozen. Since the news has been speared among the traders, it outspread like wildfire. Til now, Tether did not issue a statement providing a specific reason for blacklisting three addresses but the sources are believing that the company took these steps before complying with law enforcement and aid exchanges after cyber attacks.

Also, Read: North Korea Hackers Stole $400 Million Cryptocurrency

With this, the centralized company, Tether is able to blacklist addresses and believe that it is involved in crime, money laundering or any other reason. This is going to be the first time that Tether has blacklisted its addresses in 2022 but also added 312 addresses to the blacklist in 2021 and also added 563 all up after the company did it first time on November 28, 2017.

Well, the company has not disclosed yet what is the main reason behind these three addresses being blacklisted, but it seems that it used its power to blacklist the addresses that were involved in cyberattacks and law enforcement investigations. After the Kucoin hack that was conducted in September 2020, Tether froze its $35 million USDT to head off the hackers.

The exact reason has not been disclosed but could be a precautionary reason for the blacklisting like associated with some scams. Recently, the Tether is standing between a rock and a hard place. The stablecoin is rapidly reaching to the $100B market cap and also thinking to make its tough place as the “go-to” stablecoin in the world of the cryptocurrency market. As per the reports of Chainalysis, unlawful activity and crime related to cryptocurrency have been increased in 2021 compared to 2020.