#USDT

Tether, the issuer of the USDT stablecoin, has again provided assistance to US law enforcement by helping to recover about 1.4 million USDT stolen by fraudsters masquerading as technical support. Tether has announced that all recovered funds will be returned to the victims and that the company will maintain its voluntary cooperation with government authorities.

JPMorgan bank analysts suggest that the US Department of Treasury's Office of Foreign Assets Control (OFAC) may wield certain influence over Tether, the issuer of the USDT stablecoin. For example, it could enforce compliance with sanctions and restrictions regarding various projects, individuals, and nations.

Paolo Ardoino, the CEO of Tether (the issuer of USDT), reflected on the company's recent performance and shared his future plans.

Tether has frozen nearly 161 Ethereum wallets, with only 11 holding USDT.

As a stablecoin that exists independently of the specific blockchains it utilizes for transactions, USDT's adaptability on over 15 blockchains has prompted Tether to offer a fallback for users against potential blockchain failures. The company has unveiled a tool designed for the recovery of USDT tokens across a multitude of blockchains.

Australian crypto exchange OTCPro mistakenly sent $653,000 instead of the intended $65,300 to a corporate account belonging to Kow Seng Chai. Mr. Chai quickly withdrew the funds using the Tether (USDT) stablecoin. When the mistake was discovered, attempts to contact him were ignored, and the phone number provided turned out to be incorrect.

Howard Lutnick, the CEO of financial company Cantor Fitzgerald, has come out in support of Tether (the issuer of the USDT stablecoin) amidst various allegations of money laundering and insufficient backing. He highlighted his firsthand experience with the company, overseeing some of their assets.

In line with its updated policy, the issuer of the USDT stablecoin is intensively freezing cryptocurrency wallets.

S&P Global has launched a stablecoin stability assessment. This system considers several factors including the underlying technology, governance, legal and regulatory framework, liquidity, and third-party dependencies among others.

Tether, the issuer of stablecoins, has minted 4 billion USDT in the last 30 days, accounting for nearly 18% of all USDT issued in 2023.

On Wednesday, U.S. lawmakers introduced a bill that prohibits federal government officials from engaging with Chinese blockchain companies, reflecting the U.S. government’s ongoing concerns regarding Chinese involvement in the cryptocurrency sector.