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When Tether Blocked $160 Million of USDT Atop Ethereum Blockchain

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  • Initially, in the year, Tether froze three Ethereum (ETH) addresses that held more than $160 Million with USDT. 
  • The various moves to blacklist addresses were initiated following a breach in November 2017 in which the company stated that theft of $30 Million took place. 
  • Apart from January, it earlier blacklisted an address holding over $1 Million in USDT in December last year. 

Earlier in January this year, Tether, the stablecoin issuer, froze three Ethereum (ETH) addresses that held more than $160 Million with USDT. This move resulted in the three accounts now not being able to transfer or move their funds. 

Tether froze another Ethereum address Back In December 2022 

According to Bloxy Block Explorer, Tether has blocked around 563 addresses on the Ethereum blockchain since November 2017. 

The stablecoin issuer has earlier signified that it works consistently with regulators to supervise accounts that are suspicious. Prior to this instance of freezing three account addresses, an address with a holding of more than $1 Million in USDT was blacklisted last December. 

The step to blacklist addresses by Tether was taken following a breach in November 2017 in which the company stated that a theft of $30 Million took place. 

According to a spokesperson who wrote in an email to a website back then, Tether has frozen three addresses on the Ethereum blockchain having $160 Million USDT upon a request from law enforcement. 

Tether issues tokens on various blockchains; it was launched in 2014. It is a platform powered by blockchain and is designed to enable the use of fiat currencies digitally. Tether has facilitated the users highly by providing an ability to transact with traditional currencies across the blockchain without any volatility and complexity. 

Its stablecoin USDT’s peg to the US Dollar is achieved through maintaining commercial papers, fiduciary deposits, reserve repo notes, cash and treasury bills in reserves. One distinct feature of USDT is that the Hong-Kong based Tether guarantees its value to stay pegged to the USD. During high volatility, investors can perk their portfolios in Tether without the requirement to entirety cash out into USD, which makes USDT a safe haven for them.  

These events of discovering suspicious activities in the crypto space have become common now. Usually, it becomes difficult to ascertain the identity of the users behind the wallets related to the crypto frauds due to the anonymity of the transactions. 

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