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Tether Launches New Security Policy, Freezes 41 Sanctioned Wallets
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tether Launches New Security Policy, Freezes 41 Sanctioned Wallets

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
TETHER

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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.

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1 year ago

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. 

Breaking: @Tether_to public statement to comply with regulators demand to have freezable wallets for security. This is bullish meaning @Tether_to and the US government are working together, this will bring in the US Stable Coin Act and global adoption.#Tether#USDT… pic.twitter.com/E0eCC1skxf

— MartyParty (@martypartymusic) December 9, 2023

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1 year ago

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. 

Tether

Total crypto market cap valued at $1.592 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from CNBC, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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