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Tether freezes $150 million in USDT

 


Tether suspended three wallet addresses for no reason, suggesting they are linked to illegal activities.


Market-leading stablecoin issuer Tether has blacklisted three Ethereum addresses with more than $150 million in Tether ( USDT ) deposited.


Since the leading stablecoin is operated by a company and not by a Decentralized Autonomous Organization (DAO), as is the case in some other projects, the publisher has the discretion to block addresses allegedly involved in financial crime, money laundering or other undesirable activities in connection.


This is the first time in the new year that Tether will blacklist wallet addresses. In the last year alone, the company added 312 addresses to the list, bringing the total to 563 addresses blocked since the action began on November 28, 2017.


Tether has not yet given a reason for the recent blocking. In the past, the company has mostly acted in cases where addresses were linked to hacking attacks or were the subject of police investigations.


However, these could also be “preventive measures”, because even if a crypto project is suspected of being fraudulent, Tether prefers to play it safe.


Fear of this kind of influence from centralized stablecoin issuers like Tether is probably one of the reasons why decentralized stablecoins like TerraUSD (UST) are gaining popularity. The project is now the fourth largest stablecoin with a market capitalization of USD 10.6 billion. Nevertheless, the direct comparison with Tether is clearly lost, because it has a whopping market capitalization of 78.5 billion US dollars and is therefore the fourth largest cryptocurrency at all.


Terra founder Do Kwon points out that blocking, as with Tether, is not possible with his project.

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