Fear Of Crypto Used For War Funds, Tether Blocks Digital Assets Worth IDR 12.5 Billion

Tether blocks crypto assets. (Photo; Doc. DCained)

JAKARTA - Tether, a leading stablecoin company in the world, recently blocked crypto assets worth more than $873,000 or around Rp. 12.5 billion. This move is part of an effort to counter war funding and terrorism in various regions, including Ukraine and Israel.

This action highlights the important role the cryptocurrency industry plays in combating the movement of illegal funds. It also reflects broader efforts by big players in the industry to collaborate with law enforcement agencies, pointing to a significant shift towards proactive engagement in global security issues.

"Cryptocurrencies are a powerful tool, but not a tool for crime," said Paolo Ardoino, CEO of Tether.

Paolo Ardoino stressed that cryptocurrencies are the easiest to track assets because each transaction is permanently recorded on the blockchain. This digital footprint allows the tracking and prevention of illegal activities, so there is no place for unlawful activities to hide.

"In contrast to general trust, cryptocurrency transactions are not anonymous; they are the most easily tracked assets. Each transaction is recorded on the blockchain, thus allowing anyone to track the movement of funds. As a result, criminals who are stupid enough to use cryptocurrencies for illegal activities will definitely be identified," added Ardoino.

Such collaborative actions demonstrate the potential of blockchain technology in monitoring transactions and eradicating illegal activities, which is one of the important issues in the world of cryptocurrencies.

Tether has strengthened its position as a responsible entity in the cryptocurrency ecosystem by establishing partnerships with various agencies in 19 jurisdictions, including several major countries such as the United States, Britain, and China. This kind of collaboration increases the security of digital asset transactions and contributes to the creation of a safer global financial environment.

"Tether remains committed to promoting the use of blockchain technology that is responsible and stands as a strong defense against cybercrime," Ardoino said. "We look forward to a sustainable collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity."

The rapid development of blockchain technology and cryptocurrencies, such measures are important to ensure that this technology is not misused for illegal purposes. It also demonstrates the crypto industry's commitment to transparency carried by the blockchain itself.