January 23, 2022

Tether Blocks Address With Over $ 1 Million In Assets

Blacklisted wallets cannot make any transactions with USDT stablecoin. Since 2017 the company froze 560 addresses.

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Tether, which is the issuerstablecoin USDT, blacklisted an address on the Ethereum network with digital assets worth more than $ 1 million. This is indicated by data from Etherscan and Dune Analytics. The company did not disclose the reasons for the blocking. As of January 5, Tether has 560 addresses on its blacklist. The company began blocking illegal wallets in 2017.

Blocked addresses cannot produceno transactions with USDT stablecoin. In some cases, Tether has resorted to restoring lost USDT using a reissue mechanism, according to The Block. The company can freeze stablecoins if they were accidentally sent to the wrong address and issue new tokens.

At the end of October, Tether entered into a partnershipagreement with Notabene, a company that specializes in identifying digital asset holders. Tether plans to use Notabene's technologies to combat cryptocurrency fraud and money laundering, and to protect USDT stablecoin holders.

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