Bittime - Tether (USDT) , a well-known stablecoin issuer, is back in the spotlight after blocking several digital wallet addresses whose total USDT holdings reached $21.2 million.
This move, believed to be an effort to combat illegal use of digital assets, has sparked renewed debate about the role of stablecoins in the digital financial ecosystem.
Chronology and Reasons for Blocking Tether (USDT)
On March 5, 2024, blockchain security company PeckShield via its Twitter account announced that Tether had blocked four digital wallet addresses that cumulatively held $21.2 million USDT. The largest wallet address held 20.1 million USDT, followed by two addresses with balances of $500,000 USDT each and one address with a balance of 217,000 USDT.
Tether (USDT) did not specifically explain the reasons behind the block. However, speculation is circulating that the blocked wallet addresses may be involved in illegal activities or sanctions violations.
Check Today's Crypto Market:
Tether (USDT) Steps Against Illegal Activities
This blocking is not the first time Tether has carried out this. In recent years, Tether has actively frozen wallet addresses associated with illegal activities, such as fraud, drug trafficking, and terrorism financing.
In January 2024, Tether issued a statement opposing a UN report accusing Tether (USDT) of engaging in illegal activities. Tether confirmed that it has taken various steps to prevent the use of USDT for criminal activities, including:
- Develop tools to monitor secondary markets
- Frozen more than $300 million in recent months
- Cooperate with law enforcement
Tether also emphasized its commitment to compliance with strict KYC (Know Your Customer) regulations and procedures.
USDT/IDR Tether Price Today on Bittime
Source: Bittime.com
On March 6, 2024, the price of Tether (USDT) was at IDR 15,765 per coin, down 0.24% in 24 hours.
Also Read How to Buy Crypto:
Impact and Concerns of Tether (USDT) Blocking
Tether's move to block digital wallet addresses has the potential to have far-reaching impacts on the cryptocurrency ecosystem . On the one hand, some hailed the action as a positive step in fighting illegal activities in the crypto space.
However, on the other hand, this blocking also raises concerns about centralization and potential abuse of power by stablecoin issuers. Critics argue that Tether (USDT) has too much control over user assets and can unilaterally block without due process.
The Future of Tether (USDT) Stablecoin Regulation
This case of the Tether (USDT) block could become an example used by regulators around the world to assess the potential risks and benefits of stablecoins, as well as to develop an appropriate regulatory framework for these assets.
Conclusion
Tether's blocking of digital wallet addresses is the latest development in discussions about the role of stablecoins in the digital financial ecosystem. This Tether (USDT) decision has the potential to significantly impact USDT usage and spark continued debate about future stablecoin regulation.
Check Crypto Prices Today:
How to Buy Tether (USDT) on Bittime
You can buy and sell Tether (USDT) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Tether (USDT) is available on Bittime with the USDT/IDR market pair . To be able to buy USDT/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Tether (USDT) on Bittime .
Monitor price chart movements of Tether (USDT) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin ETFs Slip As GBTC Sees Drawdown, Gearing Up for Long Correction Trend?
Ethereum NFT Card Game Parallel Launches Open Beta of Game of the Year 2023
What is Crypto Copy Trading? How it Works and Benefits
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.