Sources of the Hash Telegraph publication report that the American company Tether actively replenishes the black list of wallets and blocks users from accessing USDT stablecoins.
After the events of November 2017, when an unknown hacker stole more than $30 million in USDT stablecoins from the Tether Treasury wallet, the issuer of these stablecoins, Tether announced the release of a new version of the Omni Core software client capable of blocking assets and transactions from blacklisted crypto wallets.
In December 2023, Tether announced an update to its blockchain policy. From now on, the company actively blocks access of USDT holders to wallets included in the US sanctions list (SDN). Execution is monitored by the Foreign Assets Regulatory Service (OFAC).
"This strategic decision aligns with our unwavering commitment to maintaining the highest security standards in our global ecosystem and contributes to expanding our close working relationships with global law enforcement and regulatory authorities," Tether said in a statement.
According to Dune Analytics, there are now about 1,500 addresses on the Tether blacklist, which stores approximately 1.1 billion USDT.
Hash Telegraph sources believe that blocking USDT by the issuer violates the fundamental principles of decentralization and freedom of cryptocurrencies, in fact being an extrajudicial confiscation of funds. However, this is impossible to fight, since Tether has absolute control over both the issue and circulation of USDT stablecoins. Moreover, the powers are fixed in the user agreement with the owners of cryptoassets.
"Tether may, in its sole discretion, seize your property and transfer it to any government, law enforcement or other authorities when circumstances so require," the service's terms of use state.
Tether states that these powers are necessary to comply with international anti-money laundering (AML) and Terrorist Financing (CFT) standards.
Earlier, US Senators Elizabeth Warren and Roger Marshall sent a letter to the White House administration warning that Russia, Iran and North Korea are using USDT stablecoins to circumvent sanctions and pay for the supply of dual-use components.
After the events of November 2017, when an unknown hacker stole more than $30 million in USDT stablecoins from the Tether Treasury wallet, the issuer of these stablecoins, Tether announced the release of a new version of the Omni Core software client capable of blocking assets and transactions from blacklisted crypto wallets.
In December 2023, Tether announced an update to its blockchain policy. From now on, the company actively blocks access of USDT holders to wallets included in the US sanctions list (SDN). Execution is monitored by the Foreign Assets Regulatory Service (OFAC).
"This strategic decision aligns with our unwavering commitment to maintaining the highest security standards in our global ecosystem and contributes to expanding our close working relationships with global law enforcement and regulatory authorities," Tether said in a statement.
According to Dune Analytics, there are now about 1,500 addresses on the Tether blacklist, which stores approximately 1.1 billion USDT.
Hash Telegraph sources believe that blocking USDT by the issuer violates the fundamental principles of decentralization and freedom of cryptocurrencies, in fact being an extrajudicial confiscation of funds. However, this is impossible to fight, since Tether has absolute control over both the issue and circulation of USDT stablecoins. Moreover, the powers are fixed in the user agreement with the owners of cryptoassets.
"Tether may, in its sole discretion, seize your property and transfer it to any government, law enforcement or other authorities when circumstances so require," the service's terms of use state.
Tether states that these powers are necessary to comply with international anti-money laundering (AML) and Terrorist Financing (CFT) standards.
Earlier, US Senators Elizabeth Warren and Roger Marshall sent a letter to the White House administration warning that Russia, Iran and North Korea are using USDT stablecoins to circumvent sanctions and pay for the supply of dual-use components.
