Wallet holding over $16 million worth of USDT frozen

Whale Alert announced on Telegram that an address holding 16.15 million USDT on the TRON blockchain had been frozen on Sunday

Olumide Adesina•Monday, October 28, 2024•1 min read

Whale Alert announced on Telegram that an address holding 16.15 million USDT on the TRON blockchain had been frozen on Sunday. The cause was unknown at the time of writing.

This instance demonstrates the continuous difficulties and intricacies in the crypto ecosystem, where there is still much discussion on how to merge security, regulation, and user autonomy. Many users and developers in the blockchain sector have chosen TheTronnetwork because of its fast transaction speeds and inexpensive costs.

More information that clarifies the circumstances behind the freezing of these addresses is anticipated to surface as the case reaches a level of maturation

Tether previously announced the appointment of highly trained personnel with experience in transaction analysis and cooperation with Chainalysis to detect wallets that may be linked to illegal activity or attempts to dodge sanctions.
Proactive cooperation with law enforcement is part of this commitment. Tether asserts that it has frozen over $1 billion in wallets while collaborating with over 124 agencies across 40 countries.

USDT functions as a reliable digital currency utilizing peer-to-peer and borderless characteristics of digital assets. Tether’s governance allows for certain safeguards as it is not as decentralized as Ethereum or Bitcoin

Tether Limited Inc.’s ability to step in and stop USDT transactions after a crypto crime is reported, remains crucial to recover assets. Nowadays, Bitcoin is rarely used in crypto fraud. Instead, assets on the Ethereum and Tron blockchains, like ETH and TRX, are usually scammers’ choice.

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.