In the ongoing struggle in the cryptocurrency market, the world’s biggest stablecoin issuer, Tether, has gathered significant attention following its action against a phishing group. According to the crypto tracking and compliance platform MistTrack, Tether froze approximately 5.2 million USDT across 12 addresses. These addresses are associated with those tagged as “banned addresses” by MistTrack.
Tether Froze 5.2 million USDT
Following this activity, SlowMist reported that these might be money laundering addresses for phishing groups. It is a common practice for attackers to withdraw their funds to another platform and use crypto mixers to launder their money. Besides this, in the last few days, Tether has blacklisted several addresses, although the reason remains unknown.
This is not the first time Tether has blacklisted any cryptocurrency wallets. Earlier, as Todayq News reported on March 5, 2024, Tether blacklisted several wallet addresses: 0x44c9503188827034377353a9f6d876eea15933c9 (balance: 20.01 million USDT), 0xc20dcb6c4fec2516e21cf52648177721e2744988 (balance: 500K USDT), 0xc0c9baf6bb9b932eef4a60267aa8c530af5cb62c (balance: 500K USDT), and 0xf2c678b283b58ac43b9975d13ab3f7ce87422ce0 (balance: 217.12K USDT).
While the exact reason behind Tether’s actions remains unclear, it may be linked to the wallets’ association with illegal activities. This follows previous actions by Tether in November and December 2023, when the company blacklisted wallets to combat crypto fraud and froze $225 million in a human trafficking investigation. Additionally, there is speculation that these addresses might be connected to terrorist groups, stemming from an October 2023 incident when Tether froze nearly $1 million USDT.
Today Crypto market performance
Despite all the activity, today’s cryptocurrency market is quite stable, and top cryptocurrencies like Bitcoin, Ethereum, and Binance Coin are not experiencing significant momentum on either side. As of writing, the world’s biggest cryptocurrency, Bitcoin, is trading near $61,870, and in the last 24 hours, it experienced nearly 0.25% upside momentum, highlighting stability in the cryptocurrency market. Over a longer period, in the last 7 days, Bitcoin saw only a 3% downside momentum, while in the last 30 days, Bitcoin saw 5% downside momentum.
Despite Bitcoin’s stable move, Solana has gained over 3% upside momentum in the last 24 hours. Looking at Solana’s performance over a longer period, in the last 7 days, it saw a 5% downside momentum. Whereas in the last 30 days, Solana remained stable with only a 1.5% upside momentum.
