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Tether Freezes over 435 million USDT in Sanctioned Wallets

Key Takeaways

Stablecoin issuer Tether has frozen hundreds of millions of dollars worth of tether (USDT) tokens located in wallets that have been sanctioned by the U.S. government.

Tether CEO Paolo Ardoino announced the disabling of tokens in 326 wallets containing a total of 435 million USDT.

Tether has communicated and cooperated with U.S. regulators like the Senate Committee on Banking, Housing, and Urban Affairs and the House Financial Services Committee.

Tether onboarded the United States Secret Service onto its platform and is in the process of working with the FBI as well.

Cooperation With Regulators

Tether has been cooperating with U.S. regulators to show its commitment to transparency and regulation.

The stablecoin issuer communicated with the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Financial Services Committee.

Senator Cynthia Lummis received letters from Tether, which aimed to demonstrate the company’s commitment to regulation and transparency.

Frozen Wallets

Tether froze 161 Ethereum wallets that had been sanctioned by the U.S. Office of Foreign Assets Control (OFAC), with 150 of the wallets being empty and 11 holding over 3.5 million USDT.

One account with 3.4 million USDT frozen is connected to a hack of the betting platform Stake [1]

The wallets that still contained tokens range from around 20,000 USDT to nearly 60,000 USDT, with some holding smaller amounts down to only 16 cents.

Allocating Profits to Bitcoin

In May 2023, Tether started allocating up to 15% of its net realized profits into Bitcoin holdings to guard against potential future market downturns.

Tether’s Bitcoin holdings have since appreciated by approximately 85%, or $1.1 billion, according to Tether CEO Paolo Ardoino.

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