Bittime - Tether (USDT) , a stablecoin pegged 1:1 to the US dollar, has become a favorite in the crypto world. Its popularity cannot be separated from its ease of use as a means of exchange and hedging against the volatility of other crypto assets.
However, behind its glittering popularity, USDT has an inevitable dilemma. This digital asset has been clouded by controversy regarding its use in various criminal activities, including money laundering and fraud schemes.
Pig Butchering and Criminal Networks in USDT
One example of the case that dragged USDT was the " pig butchering" fraud scheme . These schemes target victims by establishing romantic or friendly relationships, then manipulating them into investing in fraudulent crypto assets.
The latest report from the Global Anti-Scam Organization (GASO) and Chainalysis reveals that USDT is the crypto asset of choice for "pig butchering" fraudsters. The report estimates victim losses at $75.3 billion (as of February 2024), and 84% of the nearly $1.2 trillion total transaction volume associated with fraudsters' digital wallets involved USDT.
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Weaknesses of Regulation and Crypto Exchanges
"Pig butchering" fraudsters exploit regulatory weaknesses and " know your customer" (KYC) and anti-money laundering (AML) policies at some crypto exchanges. Exchanges such as Binance, Huobi (now HTX), and OKEx are said to be the “top choice” of criminals for “laundering” large amounts of money.
Even though authorities have taken firm action, such as Binance's settlement of a $4.3 billion fine with United States authorities last November, this suspicious activity reportedly continued until February 2024.
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:
A Dilemma for Investors and the Future of USDT
On the one hand, USDT offers convenience and stability for crypto investors. On the other hand, their use in criminal activities raises dilemmas and questions about the future of these digital assets.
Investors are faced with a difficult choice, namely taking advantage of the convenience of USDT at the risk of being exposed to illegal activity, or switching to other alternatives that may be more complicated and less stable.
The future of USDT will depend heavily on the collective efforts of regulators, crypto exchanges, and the crypto community to address regulatory gaps and strengthen KYC/AML policies. Only with decisive and coordinated steps can the USDT dilemma be resolved and this digital asset can develop responsibly.
Conclusion
Buy USDT as a dilemma investment. This article discusses the dilemma crypto investors face regarding USDT as a stablecoin asset . On the one hand, USDT offers convenience and stability. On the other hand, their use in criminal activities raises dilemmas and questions about the future of these digital assets.
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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.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation 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.
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