Tether, the leading stablecoin company, has restated its commitment to collaborating closely with law enforcement authorities worldwide in order to address the issue of terrorism and conflict financed by cryptocurrencies, according to a Finbold report.
Thus far, Tether has provided assistance to 31 authorities on a global scale, conducting investigations in 19 different countries.
This collaboration has resulted in the freezing of a cumulative sum of $835 million in assets, mostly linked to theft incidents such as blockchain and exchange hacks.
A smaller fraction of these frozen assets may be attributed to other criminal activities.
Of this total, $873,118.34 was frozen from 32 addresses on Tether after they were connected to illegal activities in Israel and Ukraine, according to the company in a blog post on October 16.
To combat terrorism and war financing using cryptocurrencies, Tether has partnered with the NBCTF in Israel.
Tether’s ability to freeze and return stolen funds to legitimate users demonstrates the innovative new capabilities and level of security that blockchain technologies can bring to the global financial system, even if it only represents a tiny drop in the $445 billion cost to the global economy due to cybercrime.