Originally published on: November 08, 2024
Canadian law enforcement has lauded stablecoin issuer Tether for its rapid response in assisting with the recovery of stolen funds. The Ontario Provincial Police (OPP) expressed gratitude to Tether for swiftly freezing around 10,000 Canadian dollars ($7,186) in Tether stablecoins that had been stolen and successfully returning them to the victim.
Working hand in hand with the OPP’s Cyber Investigations Team, Tether played a crucial role in recovering the funds. Detective Staff Sergeant Addison Hunter of the OPP commended Tether for its prompt action, emphasizing the importance of collaboration in combating cybercrime.
Tether’s CEO, Paolo Ardoino, underlined the company’s dedication to supporting law enforcement efforts against cybercrime. Ardoino emphasized Tether’s commitment to holding bad actors accountable and providing support to victims by working closely with law enforcement agencies worldwide.
This latest operation is just one example of Tether’s ongoing cooperation with authorities in freezing funds associated with illicit activities. From blacklisting Ethereum network addresses to freezing stolen funds from major hacks, Tether has demonstrated a proactive stance in preventing criminal use of its stablecoins.
To further enhance security measures, Tether recently implemented a wallet freezing policy for individuals and entities sanctioned by the United States Office of Foreign Assets Control. By staying vigilant and collaborating with law enforcement, Tether continues to play a key role in promoting a safe and secure crypto environment.
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