Tether (USDT) coins in handcuffs
The company Tether, responsible for issuing the USDT stablecoin on the market, acted quickly to freeze a wallet address that accumulated amounts resulting from a crime in Canada.
According to a public statement on the case, Tether reported that the address contained the equivalent of 10 thousand Canadian dollars in USDT. In Brazilian Real terms, the amount is equivalent to R$ 41 thousand today.
The new freeze on funds in the suspect's wallet was made following a request from the Ontario Provincial Police (OPP). Authorities arrived at the address after tracking the funds from a crime.
With the support of Canadian digital investigators, Tether freezes USDT in the wallet of a criminal suspect
In a statement, Tether reported that the new confiscation of funds only occurred with the help of the OPP Cyber Investigations Team.
Tether’s voluntary assistance enabled the swift freezing of the USDT assets involved in the incident, which were subsequently returned to their rightful owner. OPP Detective Sergeant Addison Hunter stated that “With the voluntary assistance and cooperation of Tether International Ltd., the stolen digital assets were successfully seized and returned to the victim. This collaboration was critical in ensuring the swift recovery of the assets.”
“Tether remains dedicated to supporting law enforcement efforts to combat cybercrime,” said Paolo Ardoino, CEO of Tether. “We are honored to have worked with the OPP and stand ready to work alongside government agencies around the world to provide the essential tools to hold bad actors accountable and ultimately support victims.”
The company responsible for issuing and controlling USDT also announced that it remains committed to assisting authorities in 48 jurisdictions.
Tether has consistently demonstrated a robust commitment to assisting global law enforcement agencies in combating cybercrime and illicit activity. Working alongside more than 195 law enforcement agencies across 48 jurisdictions, Tether has played a key role in freezing more than $2 billion in assets tied to criminal activity.”
New operation takes place a month after cooperation with the US government
In early October 2024, Tether also announced a collaboration with the US Government, which resulted in the confiscation of $1 million in USDT that was in a wallet.
With the new note indicating help to countries in blocking more than 2 billion dollars in assets on its network, Tether reinforces its action. It is worth remembering that, unlike Bitcoin, which is not controlled by a company or government, USDT is a stablecoin that can be blocked in case of suspected crimes.