Tether froze $5.2m USDT from suspected scammers

Stablecoin Phishing Scam:

Around $5.2 million USDT was frozen by Tether due to phishing scammers operating on certain addresses, as identified by SlowMist. Phishing remains a prevalent issue within the crypto industry, with hackers attempting to steal funds through deceitful means. Despite ongoing attacks, security measures have improved, leading to a decrease in losses related to scams and phishing hacks.

Tether’s Role in Combatting Criminal Activity:

Tether’s centralized structure has proven beneficial in addressing illicit transactions, as seen with the recent freezing of stolen funds. This is not the first instance where Tether has intervened to prevent criminal use of its stablecoin. Following criticism from regulatory bodies, Tether has pledged to enhance its efforts to monitor and prevent illicit crypto transactions facilitated by stablecoin channels.

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