Tether has frozen approximately 5.2 million USDT across 12 cryptocurrency addresses identified by MistTrack as being involved in suspicious activities. These addresses, tagged as “USDT Banned Address” by MistTrack, a blockchain analysis tool, were flagged for their association with fraudulent transactions, including phishing and theft.
The action, announced by MistTrack, comes as part of ongoing efforts to curb illegal activities within the cryptocurrency space. The identified addresses were involved in various fraudulent schemes, with transactions showcasing a complex network of fund transfers between multiple accounts. On-chain analytics firm SlowMist’s chief security officer said that the addresses were being used for laundering funds from phishing scams without elaborating further.
MistTrack provided a detailed visualization of the transaction flow, highlighting how these addresses interacted. One address, in particular, labeled “Fake_Phishing90306,” was shown to have received and distributed funds to several banned addresses. This network of transactions involved amounts ranging from small sums to significant transfers, with timestamps indicating recent activity.
This is not the first time Tether has taken action against suspicious addresses. In July 2021, Tether froze 1 million USDT linked to a Ponzi scheme. The addresses involved were identified through a similar tracking and analysis process, ensuring that the funds could not be moved further.
In another instance, Tether froze 2 million USDT in September 2022, following the detection of an elaborate phishing scam. The scam had targeted multiple users, resulting in substantial losses before the funds were frozen.
More recently, in July 2023, Tether froze 2.5 million USDT associated with a sophisticated hacking operation. Tether’s swift action in freezing these assets helped prevent further losses and provided crucial evidence for ongoing investigations.
Tether has consistently maintained its commitment to regulatory compliance and cooperation with law enforcement agencies. In previous remarks, Tether CEO Paolo Ardoino addressed concerns regarding regulatory scrutiny, emphasizing the company’s transparency and ongoing collaborations with relevant authorities.
