The issuer's blacklist has 560 users

​Tether blocked an address with more than $1 million worth of cryptocurrency

05.01.2022 - 13:05

317

1 min

What’s new? The issuer of the USDT stablecoin, Tether, has blocked an Ethereum address with more than $1 million in digital assets. Who owns the address and the reason for the blocking are unknown, The Block reports.

The Block material

What does the Tether wallet blocking mean? When funds are frozen, they cannot be withdrawn. Tether began blocking wallets in 2017, with more than 560 wallets blacklisted to date. Tether’s representative said that the company regularly cooperates with law enforcement agencies around the world. By freezing addresses, Tether has been able to recover the funds stolen or compromised by the hackers. Tether also has a “recovery” mechanism, meaning it can freeze USDTs and in some cases reissue them. This feature will help if the user sends money to the wrong address.

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