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

[Jating]

"Crypto-confidence scheme" sounds to me like the classic investment scam, where the user wires a transfer to a bank account and the scammers convert the balance to USDT.

Of course Tether had to get involved here, because it was legally required to, but I can't help but think why don't these dimwits use a more censorship-resistant cryptocurrency for payouts like BTC or XMR.

(don't get me wrong though, I am happy that their lunacy leaves them out of pocket)

When we thought that criminals are not that stupid, however, one mistake, and then all of them fall. Maybe they thought that Tether is a anti-government entity. That it will not help or aid them if they requested that those funds be frozen because it come from a illicit activity.

So I guess the next time that they are going to hit, or at least those criminals that might pull this stunt again, they will not used Tether again, but most likely convert it to XMR or BTC so that it will be harder to trace. And by that time they've broken it, gonna be too late as they already cash it out.

[MrSpasybo]

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.

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.

As far as I know, Tether has the authority to freeze USDT belonging to criminals at the request of a court, then transfer these funds to the police for victim compensation or into government coffers. This is a necessary step for Tether to continue operating and refute accusations that crypto is used for money laundering.

While we desire anonymity and decentralization, sometimes trade-offs must be made to foster the growth of the crypto market. The internet, despite being heavily regulated, remains widely popular and continues to provide immense value to users.

[philipma1957]

"Crypto-confidence scheme" sounds to me like the classic investment scam, where the user wires a transfer to a bank account and the scammers convert the balance to USDT.

Of course Tether had to get involved here, because it was legally required to, but I can't help but think why don't these dimwits use a more censorship-resistant cryptocurrency for payouts like BTC or XMR.

(don't get me wrong though, I am happy that their lunacy leaves them out of pocket)

When we thought that criminals are not that stupid, however, one mistake, and then all of them fall. Maybe they thought that Tether is a anti-government entity. That it will not help or aid them if they requested that those funds be frozen because it come from a illicit activity.

So I guess the next time that they are going to hit, or at least those criminals that might pull this stunt again, they will not used Tether again, but most likely convert it to XMR or BTC so that it will be harder to trace. And by that time they've broken it, gonna be too late as they already cash it out.

yeah six million is 100 btc. you could have set up 50 btc addresses with 2btc each. then move one into xmr  then move the xmr back to btc.

[Faisal2202]

As far as I know, Tether has the authority to freeze USDT belonging to criminals at the request of a court, then transfer these funds to the police for victim compensation or into government coffers. This is a necessary step for Tether to continue operating and refute accusations that crypto is used for money laundering.

While we desire anonymity and decentralization, sometimes trade-offs must be made to foster the growth of the crypto market. The internet, despite being heavily regulated, remains widely popular and continues to provide immense value to users.

Yeah to work properly in the USA they have to comply with the rules of court otherwise they will be the ones who get seized by the government and also it's not good for a company to seize someone's funds without any paperwork and without any solid reason. There must be a proper procedure to it and it must be quick one because hackers don't wait after getting USDTs.

You are right we have to compromise on one thing to get other features and the example of the internet is a good one. Even if its only regulated in not most of the world because there are layers in it that have made us to remain anonymous and we might do the same in the crypto world if they don't go after such tools or layers.