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Tether blocks an address with $ 1 million in USDT

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Tether has decided to restrict all operations to an address where slightly more than 1.2 million dollars in USDT were housed. The stablecoin issuer constantly works with regulators and agencies to try to prevent fraud or similar misconduct.

Last week it was known that Tether would have decided to blacklist an address in which more than a million dollars in USDT were housed . The term ” blacklist ” means that any operation made from or for this address will not be completed. This means that all current assets housed at the address have been blocked.

After this decision, what we all wonder is: why would Tether do something like that? . The answer is simple, Tether is the company in charge of issuing the stablecoin USDT, therefore, it must ensure the use of the asset. The company will have to answer to regulators around the world in the event that any of the addresses that house its assets are suspected of being related to illegal activity.

Blocking the address  has been blocked on 30 December. On that date, Tether executed the “AddedBlacklist” command / function to completely render that address inoperative, at least temporarily. Although Tether tries to try to hide these types of decisions, this time the community has taken notice due to the amount blocked. The account had a total of 1.23 million dollars in assets , of which 1.09 were USDT , the rest was divided into other ERC-20 assets without exceeding 5 figures.

Tether has not wanted to reveal the identity of the owner of the address in order to maintain its privacy. A company spokesperson clarified that Tether works with regulators and law enforcement agencies around the world , leading them to intervene in cases related to fraud, scam and hacking.

The spokesperson did not comment directly on the blockade, but did imply that the management had been linked to some fraudulent activity. Tether began blocking suspicious addresses from the year 2017, to date more than 500 have already been banned.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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