Stablecoin issuer Tether froze $1 million worth of USDT last week. according to the information on the network This may involve hacks and scams.
Tether has called the function. “AddedBlacklist” on December 30th to blockaddressfollow this linkandtransactions on this link
Such addresses will not be able to move funds that have been withheld, when Tether blacklists the address. The USDT balance of that address will be withheld.
It’s not clear who owns this address. There are still many other tokens that have not been transferred. And when trying to contact a spokesperson for Tether, he declined to share those details in order to maintain the privacy of the owner. But it has said that Tether regularly works with regulators and law enforcement around the world. This includes in all cases involving hacks and scams.
“By suspending Tether addresses, it can help recover funds stolen by hackers or compromised,” the spokesperson said.
Tether already has a “recovery” mechanism. This means that they can suspend USDT and issue new tokens in some cases. For example, if a user sends USDT to an incorrect address. It can help recover it by holding back USDT sent to the wrong address and reissue USDT to the user.
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