Last week, it was reported that USDT stablecoin maker Tether had frozen a large amount of such assets worth more than $ 1 million (about RM4 million).
The USDT is said to be owned by an individual’s single wallet address and the freezing was done using the ‘AddedBlacklist’ function on 30 December.
The Tether action causes the owner of this wallet to not be able to conduct any transactions using USDT.
According to a Tether spokesperson, the situation also means that the owner of the wallet may be under investigation by law enforcement agencies.
So far it has not been identified who is the unfortunate owner whose stablecoin assets were frozen because Tether refused to share information.
For the record, this restriction implemented by Tether is not the first time.
Tether has been implementing the AddedBlacklist function since 2017 and is rumored to have blocked over 500 addresses on Ethereum.
This initiative has also actually helped Tether a lot in recovering funds that have been stolen by hackers or affected.
Not only that, Tether also has a ‘recover’ mechanism, meaning they can freeze and reissue USDT for certain cases.
For example: Tether can freeze a USDT sent to the wrong address and issue a new USDT to that user.
