In 2024, Tether, alongside the Tron network and TRM Labs, successfully froze $126 million in USDT through the T3 Financial Crimes Unit (FCU). Established in August 2024, the FCU works with global law enforcement to monitor and freeze illicit cryptocurrency transactions, overseeing a transaction volume of approximately $3 billion. Almost 50% of the frozen assets, amounting to $56 million, were associated with money laundering, while $36 million was linked to investment scams. The move has sparked debate within the crypto community, particularly among advocates of decentralization, who express concerns about central oversight and the implications for user privacy. Tether has a history of freezing USDT accounts, totaling over $835 million linked to various illicit activities by late 2023, including scams and associations with terrorist activities. The company also complied with sanctions from the U.S. Office of Foreign Assets Control towards Venezuela’s Petro, indicating a continued involvement in financial regulation and surveillance.

Source 🔗