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Tether Blacklists New Ethereum Addresses Worth $150M in USDT -Breaking

by Mike Robinson

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Tether Blacklists Ethereum Addresses Worth $150M USDT
  • New addresses have been blacklisted by USDT worth $150 Million
  • The move is a result of the company’s measures against accounts alleged to be involved in cybercrimes and those under law enforcement investigations.
  • The company also blacklisted other addresses in previous years.

Tether added three Ethereum addresses on its blacklist. These addresses hold USDT stablecoin worth $150 million.

Tether, as a central blockchain, can blacklist addresses it believes are involved in cybercrimes such as money laundering. Tether blacklisted 312 additional addresses in 2021. This is an increase of the 563 addresses it has already blacklisted since November 28, 2017, when it began doing this.

Tether is yet to disclose the reasons for the blacklisting of addresses. However, it used its position to blacklist addresses that are involved in cybercrimes or law enforcement investigations. Tether was able to hold USDT worth nearly $35 Million after September 2020’s hack on Kucoin.

Blacklisting could be necessary for precautionary reasons, such as scams. Eric Wall from Arcane Assets said that this was the main reason behind the Tether freeze in 2020.

USDT is the most popular stablecoin based on US dollars today. It is followed by Circle’s USDC, which is now the sixth highest cryptocurrency in terms of market capitalization. Binance USD, TerraUSD and TerraUSD rank third and fourth respectively.

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