Tether confirms help to government to block $6 million in USDT

[Gurujebs]

I saw this news and we all know that Tether is following the line of helping governments to stay out of trouble.
What do you think? is Tether's attitude right? Do you trust USDT to hold dollars?

Well this is not the first time Tether has made it clear to usdt holders that they are going to be working with government to fight money laundering and terrorism, I don't know how they plan to go investigate such things but ever since they lose case against SEC and settle millions of dollars, they have been restricting many USDT addresses.

If anyone want to protect there money, it's best they avoid USDT because either you did the mentions or the government piss about you, they will come for you and if you have millions of dollars worth of usdt in their contracts, it will be block immediately, better use a decentralized stablecoin.

[Faisal2202]

I saw this news and we all know that Tether is following the line of helping governments to stay out of trouble.
What do you think? is Tether's attitude right? Do you trust USDT to hold dollars?

I did not know before Tether could seize USDT. I mean, how, can they seize any USDT, like if I have $100  in USDT? In my noncustodial wallet, like a Trust wallet or anything else, can they still seize them? I mean, if the scammers were holding these funds in some wallets that allowed Tether to seize them even before they got mixed with other clean USDTs.

That's insane I would love to know more if anyone could explain it to me. Besides it, it's a good thing that they helped the government, and till now they seized a big amount of money, like $1.8 billion, which is a big amount.

[MrSpasybo]

I did not know before Tether could seize USDT. I mean, how, can they seize any USDT, like if I have $100  in USDT? In my noncustodial wallet, like a Trust wallet or anything else, can they still seize them? I mean, if the scammers were holding these funds in some wallets that allowed Tether to seize them even before they got mixed with other clean USDTs.

That's insane I would love to know more if anyone could explain it to me. Besides it, it's a good thing that they helped the government, and till now they seized a big amount of money, like $1.8 billion, which is a big amount.

Let me elaborate. While cryptocurrencies operate on public blockchains, accessible to anyone without permission, USDT is unique. Created by Tether, it leverages blockchain technology primarily for its protocol, giving Tether full control to modify it as needed. This means Tether can blacklist specific addresses, preventing them from interacting with their protocol to move tokens.

As a profit-oriented investor, I support Tether decisions, even if they seem to contradict the decentralized nature of the market. Tether collaboration with governments ensures its survival and helps to dispel the notion of crypto as a haven for illicit activities. Moreover, USDT enhances market liquidity. Tether existence and cooperation have positively influenced the legal landscape of crypto, and I acknowledge these contributions.

[Z-tight]

As a profit-oriented investor, I support Tether decisions, even if they seem to contradict the decentralized nature of the market.

Tether does not even contradict anything, the crypto market or industry isn't decentralized in general, there are also centralized coins too, and usdt is one of them. If people want to enjoy the benefits of decentralization, then they should use a coin like BTC. Usdt may have some advantages in the crypto network, but i will not recommend that one should store it for the long term.

[rdluffy]

As a profit-oriented investor, I support Tether decisions, even if they seem to contradict the decentralized nature of the market. Tether collaboration with governments ensures its survival and helps to dispel the notion of crypto as a haven for illicit activities. Moreover, USDT enhances market liquidity. Tether existence and cooperation have positively influenced the legal landscape of crypto, and I acknowledge these contributions.

And to be honest, this is probably the only way that Tether can survive, specially in US
I can imagine if they refuse any cooperation, government will sure close their operations
So, if we disagree with tether, best thing to do is use another stable

[ABCbits]

I saw this news and we all know that Tether is following the line of helping governments to stay out of trouble.
What do you think?

It's nothing new, Tether have been doing that for many years.

is Tether's attitude right?

From perspective of their survival and growth, it's right. Otherwise, they would face more pressure from government.

Do you trust USDT to hold dollars?

Not for long term, due to some controversy. And since USDT is controlled by Tether, using Bank is probably better option since you could get FDIC insurance.

[rdluffy]

Not for long term, due to some controversy. And since USDT is controlled by Tether, using Bank is probably better option since you could get FDIC insurance.

The problem with leaving it in the bank is that you need to convert crypto to fiat and it can generate taxes or obligations depending on the country you live in.
I only convert when I really need the money

What I've been doing to hold dollars, which are few (most of them are in BTC) is split in USDT and USDC

[Faisal2202]

Let me elaborate. While cryptocurrencies operate on public blockchains, accessible to anyone without permission, USDT is unique. Created by Tether, it leverages blockchain technology primarily for its protocol, giving Tether full control to modify it as needed. This means Tether can blacklist specific addresses, preventing them from interacting with their protocol to move tokens.

OMG I did not knew they have full control on our USDTs and they can do whatever with them, like move them to another address? Or just seize them? You just opened a whole new curiosity in me by saying yes haha. I will learn more about it now it seems interesting and unique. Actually, I never come to face any topic like this so it's my first time knowing this information.

As a profit-oriented investor, I support Tether decisions, even if they seem to contradict the decentralized nature of the market. Tether collaboration with governments ensures its survival and helps to dispel the notion of crypto as a haven for illicit activities. Moreover, USDT enhances market liquidity. Tether existence and cooperation have positively influenced the legal landscape of crypto, and I acknowledge these contributions.

I agree with you as Tether if they have all the control then they can cooperate with the government and can ensure a successful future that's how the world works, they even made Durov comply with them by changing the Telegram policies.

[Z-tight]

OMG I did not knew they have full control on our USDTs and they can do whatever with them, like move them to another address? Or just seize them?

Tether has control of all usdt in circulation, just the way centralized services control the funds on their platform, the thing with usdt is that tether can confiscate your usdt even if you have it stored in your own wallet. Like i have already said, i will not recommend that one should store usdt for a very long time, not only for this reason, but because i don't believe that all usdt coins are backed 1:1, there'll definitely be many that are issued out of thin air.

[philipma1957]

Source


I saw this news and we all know that Tether is following the line of helping governments to stay out of trouble.
What do you think? is Tether's attitude right? Do you trust USDT to hold dollars?

How did tether find out fast enough to freeze the funds?

To me if tether was really fast and truly did this the scammers were stupid as they needed to offload the coins faster into other coins that can not be frozen.

Do I trust tether? Not really.

[Faisal2202]

Tether has control of all usdt in circulation, just the way centralized services control the funds on their platform, the thing with usdt is that tether can confiscate your usdt even if you have it stored in your own wallet. Like i have already said, i will not recommend that one should store usdt for a very long time, not only for this reason, but because i don't believe that all usdt coins are backed 1:1, there'll definitely be many that are issued out of thin air.

I can't agree more with you because I also think there are USDTs that are not backed by a 1:1 ratio because the supply itself is in trillions, while I doubt they have that much funds to back it, and just now I heard the news that the European Union has banned USDT due to a compliance issue which is not good news for USDT, but with the strong political background they will come up with something to support their project.

From now on I will not save my funds in the form of USDT as who knows if one day the plan to seize or confiscate our funds or whole wallet just because a red-flagged address has sent dirty funds to my account even the $1 can cause some problem. We should look for alternative stable currencies.

[Z-tight]

I can't agree more with you because I also think there are USDTs that are not backed by a 1:1 ratio because the supply itself is in trillions, while I doubt they have that much funds to back it,

Yeah, i am sure the U.S dollar they have in their reserves cannot cover all the usdt coins that are in circulation, there would be a lot of their coins that are circulating out of thin air. Now imagine something happens to the issuing company, Tether, there would be a lot of liabilities that they would be unable to cover.

[rdluffy]

...

How did tether find out fast enough to freeze the funds?

To me if tether was really fast and truly did this the scammers were stupid as they needed to offload the coins faster into other coins that can not be frozen.

Do I trust tether? Not really.

Hard to know exatcly what they did to freeze these coins, but I have a clue
Read this:

The scam in question involved fraudsters mimicking legitimate platforms to deceive investors, funnelling funds into illicit wallets.

This sentence in the news makes me believe that it wasn't just a hack and that they discovered it quickly
Possibly they had been under investigation for some time and waited for the right moment to freeze the funds, and they were in USDT rather than any other coin

[Z-tight]

To me if tether was really fast and truly did this the scammers were stupid as they needed to offload the coins faster into other coins that can not be frozen.

It is very possible that the scammers do not know that Tether can be frozen, even if you store it in your own wallet, some of these scammers do not really have great cryptocurrency knowledge. If they knew, they might have moved the funds into other coins, it is similar to scammers who steal and move the funds into centralized exchanges or custodial services.

[bitterguy28]

Source


I saw this news and we all know that Tether is following the line of helping governments to stay out of trouble.
What do you think? is Tether's attitude right? Do you trust USDT to hold dollars?

they did the right thing in my opinion it is not like they randomly stopped operations and froze funds of a random person the account or the funds are involved in a scam they did all of us and the government a favor we know that usdt is not totally decentralized anyway and they have the right as well as the responsibility to make sure that everyone is safe as well as their funds and they would want to adhere to government policies as to not get into trouble