Monday 16 October 2023 6:03 pm | Updated: Monday 16 October 2023 6:04 pm

Tether freezes crypto wallet addresses connected with ‘terrorism and warfare’

The second quarter of 2024 has been off to a rocky start for crypto. Currently, down around 20% from Bitcoin’s $73,700 high, the market has been hurting from threats of world war three, sustained US inflation and what seems like an onslaught of attacks from the US government. One crypto company in particular will be missing Q1 after they just released details of its incredible performance.

Stablecoin issuer Tether says it has frozen 32 wallet addresses it understood to be connected with “terrorism and warfare” in Israel and Ukraine.

The move comes months after blockchain analysts TRM Labs claimed Tether was a “currency of choice” for financing terrorist organisations.

The US crypto firm said the frozen wallets held a total of $873,118.

Tether chiefs said they were “working closely” with international agencies “to combat cryptocurrency-funded terrorism and warfare”.

Last week, Israeli police said they had frozen a series of crypto wallets that were being used on social media to raise funds for proscribed terrorist group Hamas.

Tel Aviv’s National Bureau for Counter Terror Financing (NBCTF) said it was working with Tether on “counter cryptocurrency-funded terrorism and warfare”.

Neither organisation gave any further details.

During its report in February, TRM revealed there had been a 240% rise in terrorism fund-raising groups using Tether – a far greater increase than any other cryptocurrency.