Tether, the company behind the largest stablecoin USDT, recently announced plans to freeze some addresses that are allegedly involved in illicit activities to bypass economic sanctions imposed on Venezuelan oil exports.
Tether is collaborating with authorities to halt such activities. The move came after reports surfaced that some people were using USDT in conjunction with the Venezuelan state-backed cryptocurrency, Petro, to sidestep sanctions.
This is part of Tether’s broader commitment to comply with international regulations and ensure its currency is not used for illicit purposes. By freezing certain wallets, the company can effectively prevent the movement of money associated with illegal activity, underscoring their commitment to cooperate with local law enforcement agencies.
The sanction evasion scheme purportedly involved the conversion of Venezuelan oil into Petro, which was then exchanged for USDT and moved through various exchanges, thus evading detection. By stepping in to freeze these addresses, Tether is helping to disrupt this flow of money.
Tether to Freeze Addresses Evading Sanctions on Venezuelan Oil Exports
Tether, the company behind the largest stablecoin USDT, recently announced plans to freeze some addresses that are allegedly involved in illicit activities to bypass economic sanctions imposed on Venezuelan oil exports.
Tether is collaborating with authorities to halt such activities. The move came after reports surfaced that some people were using USDT in conjunction with the Venezuelan state-backed cryptocurrency, Petro, to sidestep sanctions.
This is part of Tether’s broader commitment to comply with international regulations and ensure its currency is not used for illicit purposes. By freezing certain wallets, the company can effectively prevent the movement of money associated with illegal activity, underscoring their commitment to cooperate with local law enforcement agencies.
The sanction evasion scheme purportedly involved the conversion of Venezuelan oil into Petro, which was then exchanged for USDT and moved through various exchanges, thus evading detection. By stepping in to freeze these addresses, Tether is helping to disrupt this flow of money.
