In a recent operation, the Ontario Provincial Police (OPP) recognized Tether’s rapid assistance in recovering stolen funds, marking a positive moment for the stablecoin issuer. Tether, a leader in stablecoin transactions, worked with the OPP’s Cyber Investigations Team to track and freeze about 10,000 CAD (approximately $7,186) in Tether stablecoins taken from an individual. Thanks to Tether’s cooperation, the funds have been returned to the victim.
Effective Collaboration with Law Enforcement
Addison Hunter, detective staff sergeant with the OPP, emphasized the importance of Tether’s role, stating, “With the voluntary assistance and cooperation of Tether International Ltd., the stolen digital assets were successfully seized and returned to the victim. This collaboration was instrumental in ensuring the swift recovery of the assets.” Tether CEO Paolo Ardoino also echoed this sentiment, underscoring the company’s commitment to “supporting law enforcement efforts to combat cybercrime” and reaffirmed Tether’s resolve to “hold bad actors accountable and support victims.”
Tether’s Ongoing Support for Cybersecurity
Tether has a long history of working with law enforcement to freeze funds involved in illicit activities. In July 2020, for example, Tether blocked 39 Ethereum addresses linked to approximately $46 million in Tether (USDT), which law enforcement viewed as a “precautionary” step against potential illegal activities. Later, in September 2020, Tether collaborated with crypto exchange Bitfinex to freeze more than $33 million in USDT stolen during a hack on the KuCoin exchange.
In early 2022, Tether continued this practice by freezing $150 million in USDT across 312 addresses. Although specific reasons were not publicly detailed, the freeze demonstrated Tether’s ongoing commitment to responding quickly to suspected criminal activity in the digital asset space.
Strengthening Compliance with Sanction Policies
In December 2023, Tether announced a policy to freeze wallets connected to individuals and entities sanctioned by the U.S. Office of Foreign Assets Control (OFAC). The decision followed mounting pressure from U.S. lawmakers who expressed concerns over the misuse of stablecoins in illicit financing. This policy marked a proactive step by Tether to enforce global sanctions and help address potential misuse in terrorism financing.
