$3 Million Worth Tether USD (USDT) Account Has Just Been Frozen: According to Whale Alert, another address on the TRON network was frozen today, containing USDT worth 2.85 million.
Tether USDT Account Has Just Been Frozen
Tether USDT Account Has Just Been Frozen: This is the fifth freeze since the beginning of the year, with the previous one occurring in late February when an account containing USD 1.04 million was blacklisted. In total, since the beginning of 2023, five addresses have been frozen, for a total of 11.44 million USD.
Recall that, as a centralized company, Tether can blacklist addresses involved in crimes such as money laundering. Tether has been freezing stablecoin crypto addresses since 2017 at the request of financial regulators and law enforcement agencies. According to various sources, the company blacklisted more than 820 addresses with a combined value of more than half a billion dollars.
Tether USDT Account Has Just Been Frozen: An extraordinary case of account freezing by Tether occurred in November 2022, when the wallet of the infamous FTX exchange was blacklisted, containing 46.36 million USDT on the TRON network. The reason for the address freeze then was the sale of USDT by the exchange and its affiliated firms, during which the stablecoin’s peg to the dollar was disrupted.
Despite growing outrage over such actions that counter the true meaning of cryptocurrencies, Tether continues to gain ground. Since the start of the year, USDT has already added $5.5 billion in capitalization, while its nearest rivals USDC and BUSD have lost $1.1 billion and $8.1 billion, respectively.
Tether USDT Account Has Just Been Frozen: Tether offers a platform for the storage, sending, and receiving of local currency. The Tether token is backed by fiat currency assets, including USD and Euros. One Tether is equal to one unit of whichever currency is backing it, and it is advertised as being fully backed by assets in the Tether’s reserve account.
Since Tether is tethered to fiat currency, it allows businesses, as well as exchanges, wallets, payment processors, financial services, and ATMs, to utilize fiat-backed tokens on blockchains. Tether was originally developed to utilize the Bitcoin network as a transport protocol particularly, the Omni Layer to facilitate transactions of tokenized traditional currency.
Tether USDT Account Has Just Been Frozen: Tether is an ERC20 token on the Ethereum blockchain, and Tether tokens are available in Ethereum smart contracts or in decentralized applications on Ethereum. Being an ERC20 token, it can be sent to different Ethereum addresses. Since Tether tokens are available utilizing various transport protocols, whenever users send Tether tokens to these other addresses, they are required to check the destination address with caution to confirm that they are picking the accurate transport protocol.
Check Also: 7 Best Cryptocurrency To Buy In [year]