Tether, the issuer of the world’s largest stablecoin USDT, said it froze 32 cryptocurrency addresses related to terrorism and warfare in Israel and Ukraine. 

See related article: Weekly Market Wrap: Bitcoin falls below US$27,000 following CPI and Israeli conflict

Fast Fact

  • The 32 addresses contained a total of US$873,118 in USDT, Tether said on Monday. 
  • “Cryptocurrency is a powerful tool, but it is not a tool for crime,” said Paolo Ardoino, the newly appointed chief executive officer of Tether. “Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets.”
  • Tether estimated that it froze a total of US$835 million worth of funds associated with hacks, across 19 jurisdictions worldwide.
  • Israel declared war on Hamas on Oct. 7 after the Gaza-based Palestinian militant group carried out an attack in Israel, prompting a retaliation airstrike in Gaza.
  • Israeli crypto firms launched an emergency crypto fund on Oct. 9, to aid war-stricken citizens. On Oct. 10, The Israel Police said it froze crypto accounts allegedly used by the Gaza-based Palestinian militant group Hamas. 
  • Crypto acted as a source of fundraising in the ongoing Russo-Ukraininan war for both sides.

See related article: Digital frontiers: Alex Tapscott on Web3, AI, and banking’s new dance