Tether blacklists four addresses holding over $20m in USDT

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USDT issuer Tether has blacklisted one other group of addresses after it publicly dedicated to struggle illicit use of stablecoins.

In an X post on Mar. 5, blockchain forensic agency PeckShield revealed that stablecoin issuer Tether has blacklisted one other 4 addresses holding a complete sum of $21.2 million value of USDT. Based on the publish, the biggest tackle contained $20 million value of digital belongings, whereas the remaining addresses held lower than $500,000 every.

The particular causes for the blacklisting stay undisclosed by Tether on the time of reporting, leaving uncertainty relating to whether or not the addresses had been concerned in fraudulent actions or violations of sanctions. This newest transfer follows Tether’s public vow to crack down on the illicit use of stablecoins. So far, Tether has blacklisted over 1,200 addresses holding almost $1 billion value of USDT, in line with data from Dune Analytics.

In a December 2023 letter addressed to members of the U.S. Home Monetary Providers Committee and the U.S. Senate Committee on Banking, Housing, and City Affairs, Tether additionally emphasized its deal with know-your-customer (KYC) procedures and regulatory compliance.

The USDT issuer disclosed that its KYC program underwent scrutiny by the IRS on behalf of FinCEN, a bureau of the U.S. Division of the Treasury. Moreover, Tether disclosed its collaboration with the U.S. Division of Justice, Secret Service, and FBI, ensuing within the freezing of lots of of wallets.

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