Guarantee

USDC

<a href="https://optimisus.com/news/tether-usdt-to-launch-a-gold-backed-stablecoin-with-overcollateralized-reserves/" rel="noopener noreferrer nofollow">Tether</a> has seized $29.62 million in USDT associated with illicit activity involving Cambodia's Huione Group, showcasing its dedication to upholding the security of its stablecoin amidst growing regulatory scrutiny.  
Nevertheless, the address in question persisted in transferring Circle's USDC stablecoin, casting doubt on the efficacy of the freeze. Bitrace, a blockchain security company, disclosed that the wallet "TNVaKW," which contained the immobilized USDT tokens, was associated with Huione Group's guarantee business in Cambodia.  
The wallet became immobilized just one week after its activation on July 9, 2024. Bitrace proposed that the freeze was likely implemented to prevent the illicit transfer of funds obtained through fraudulent activities and cryptocurrency theft. Despite the freeze, the address successfully transferred 114,800 USDC to a newly activated address, TQuFSv.  
Following allegations of Huione Guarantee becoming a preferred venue for scam operators, this action has been taken. Tether's USDT has been instrumental in enabling more than $11 billion worth of transactions since 2021, with a significant number of these transactions suspected to be associated with fraudulent activity.  
Tether's choice to suspend these <a href="https://optimisus.com/news/tethers-market-cap-on-polygon-increased-by-an-amazing-29-qoq-to-reach-792-million/" rel="noopener noreferrer nofollow">USDT coins</a> is part of a wider plan to prevent illicit behavior within the cryptocurrency realm. The act of suspending USDT associated with the Huione Group emphasizes Tether's commitment to safeguard the reliability of its stablecoin. However, the ongoing transfer of USDC from the involved address demonstrates the difficulties in fully preventing unlawful actions. 
The post <a href="https://optimisus.com/news/crypto-news/tether-freezes-29-62-million-in-usdt-linked-to-cambodias-huione-group/" rel="noopener noreferrer nofollow">Tether freezes $29.62 million in USDT linked to Cambodia’s Huione Group</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Tether freezes $29.62 million in USDT linked to Cambodia’s Huione Group

Optimisus

Other articles published on Jul 15, 2024

Harga Toncoin (TON) Menguat Lagi, Investor Optimis ATH Baru

Bitcoin Price Prediction: BTC Breaks Above $62K With A 5% Pump As This Learn-To-Earn Token Races ...

New Presales for July 2024

Starknet (STRK) Climbs to 71st by Market Cap Amid Layer 2 Token Rally

BlackRock AUM Hits $10.6 Trillion Record with ETF Inflows

Polkadot Signals Bullish Wave After Falling Wedge Breakout, MKR Eyes $4K

Join our free newsletter for daily crypto updates!