Tether Frozen a Crypto Account with Massive USDT Holdings
On this day in history, June 5, 1968, presidential hopeful Robert F. Kennedy is fatally shot in Los Angeles
Ruptured brain aneurysm lands social media influencer in medically induced coma after emergency C-section
- Tether has frozen the crypto wallet containing 1,012,606 USDT tokens.
- This is the fifth account to be blocked since the start of the year.
Tether, the world’s largest stablecoin provider, has once again made headlines with the freezing of another account. According to the report, another address on the Tron network, which contains a massive amount of USDT, got frozen. Already five accounts have frozen since the beginning of the year.
Tether can block addresses that are involved in crimes such as money laundering and accounts suspected of being involved in fraudulent activities. The stablecoin provider has been freezing the crypto addresses since 2017. This comes after the request of financial regulators and law enforcement agencies. According to the report, the company has blocked around 820 crypto addresses worth more than half a billion dollars.
Recently, Tether blocked the crypto wallet containing 1,012,606 USDT on the Tron network. This is not the first time Tether has frozen an account. This move has raised concerns among Tether users, especially those who rely on stablecoins for daily transactions.
At the same time, USDT continues to dominate the stablecoin sector, with a market cap of over $81 billion at the time of writing.