Tether Brings US Secret Service and FBI on Board its USDT Stablecoin Infrastructure
In Brief
Tether has successfully integrated the US Secret Service and the FBI into its stablecoin network, taking significant steps by freezing wallets that are listed under US OFAC sanctions.
The entity responsible for the USDT stablecoin — Tether announced the integration of the United States Secret Service and Federal Bureau of Investigation (FBI) into its platform.
Tether’s chief executive officer Paolo Ardoino , who recently assumed control of the organization, noted Tether's crucial decision to deactivate USDT tokens in all wallets flagged by the Office of Foreign Assets and Controls (OFAC) as subject to sanctions.
In a communication sent to the US Congress, Ardoino expressed that Tether has cooperated with the Department of Justice, US Secret Service, and the FBI in freezing 326 wallets holding USDT valued at approximately $435 million, underscoring a dedication to security and collaboration with law enforcement agencies.
Tether Fortifies Connections with Law Enforcement
Earlier this month, Tether unveiled a proactive wallet-freezing initiative, implementing secondary market measures to curtail activities associated with individuals sanctioned by the US Office of Foreign Assets Control Specially Designated Nationals List.
This policy is positioned as a forward-thinking strategy aimed at enhancing collaboration with global regulatory bodies and law enforcement.
Back in 2022, Tether had declined to take preemptive actions to freeze wallets linked to questionable activities. Nevertheless, due to intensifying regulatory scrutiny and enforcement actions impacting cryptocurrency firms both in the US and globally, the company reassessed its stance.
In light of the increased focus from regulators, Tether has reaffirmed its commitment to security by integrating law enforcement agencies into its platform, proactively seeking partnerships with governmental authorities.
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