Israel conflict Archives

Tether, the world’s largest stablecoin company, has reaffirmed its commitment to combating cryptocurrency-funded terrorism and warfare by collaborating with law enforcement agencies worldwide.

The company has frozen 32 addresses containing $873,118.34, allegedly linked to illicit activities in Israel and Ukraine.

Tether Collaborates With Global Law Enforcement

According to a blog post on October 16, Tether has played a significant role in assisting 31 law enforcement agencies across 19 jurisdictions, freezing $835 million in assets primarily associated with thefts from blockchain and exchange hacks.

The company’s collaborations span various countries, including Brazil, Singapore, Germany, Canada, Argentina, China, Ukraine, and the United States. By actively engaging with authorities, Tether aims to contribute to the fight against cybercrime and ensure stolen funds are returned to legitimate users. The company further stated:

Of this, Tether has frozen 32 addresses, containing $873,118.34, that were found to be linked to illicit activity in Israel and Ukraine. Tether has been working with the NBCTF in Israel to counter cryptocurrency-funded terrorism and warfare.

The ability of Tether to freeze and return illicitly obtained funds highlights the traceability and transparency of blockchain transactions. Contrary to common misconceptions, cryptocurrency transactions are not anonymous; they are meticulously recorded on the blockchain, allowing for the tracking and tracing of fund movements.

CEO Stresses Traceability

The recently announced CEO of Tether, Paolo Ardoino, emphasized that criminals using cryptocurrencies for illegal activities will inevitably be identified. Ardoino stated:

Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime. We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.

While Tether’s actions demonstrate the industry’s capacity to combat criminal use effectively, some critics within the blockchain industry continue to scrutinize the crypto sector, often neglecting to address the slow or inadequately equipped traditional financial system’s role in combating criminal funding.

On this matter, Tether’s CEO emphasized the importance of recognizing the traceability and trackability of blockchain transactions, which serve as potent deterrents to illicit activities.

As the stablecoin company behind USDT continues to collaborate with law enforcement agencies globally, the company’s efforts highlight the potential of blockchain technology to enhance financial security and integrity.

The traceability of transactions provided by blockchain technologies offers a robust defense against cybercrime and illicit financial activities.

As the fight against cybercrime intensifies, continued collaboration between cryptocurrency companies and law enforcement agencies will play a crucial role in ensuring the integrity and stability of the digital asset space.

Tether

Featured image from Shutterstock, chart from TradingView.com

Binance And Israel Work Together To Freeze Crypto

A local news media Calculist report confirmed an operation led by the Israeli Police Department and the National Counterterrorism Headquarters, part of the Ministry of Defense. The operation was supported by the world’s largest crypto exchange, Binance.

During the operation, the law enforcement agencies discovered funds raised by the terrorist group via crypto donations. The investigation led the cyber unit from the Israeli Police to the crypto trading venue.

The terrorist group launched the campaign in the past few days. The law enforcement agencies claimed that Hamas used the attention from Sunday’s attack to raise money from radicals and supporters worldwide.

The terrorist group, the report claims, turned to social media platforms to launch the campaign. A spokesperson for the law enforcement agencies told Calculist the following regarding the events:

As the war broke out, Hamas launched a fundraising campaign on social networks, asking the public to deposit crypto into its account. The cyber unit and the NSC have been working immediately to locate and freeze the accounts, assisted by the Crypto Exchange (Binance), to freeze the funds (…).

The report claims that Binance has been aware of Hamas’s operation on its platform. In a separate report from CoinDesk, some data suggests previous cooperation between Binance and Israeli law enforcement.

The company helped Israel to freeze almost 200 accounts connected to Hamas and other terrorist groups. A spokesperson for the crypto exchange told CoinDesk:

Over the past few days, our team has been working in real-time, around the clock to support ongoing efforts to combat terror financing. We are committed to ensuring the safety and security not just of the blockchain ecosystem, but also the global community, through our proactive work.

Following the events of the past Sunday, the conflict between Israel and Hamas escalated. The nation-state declared war on the terrorist organization and appeared to be preparing to increase its offensive on the Gaza Strip in response to the terrorist group.

In this context, the cooperation between Binance and local enforcement seems likely to increase. Israel will fight Hamas across all sectors, including the nascent industry and its related companies and tools.

Cover image from Unsplash, chart from Tradingview