Tether Intensifies Crackdown on Illicit USDT Transactions with Latest $870K Freeze

In a continued effort to combat cryptocurrency-related fraud, Tether has frozen $870,000 worth of USDT linked to phishing scams and theft. This action highlights the stablecoin issuer’s commitment to enforcing compliance and safeguarding users from illicit activities.

Tether Freezes USDT Worth $870K Linked to Phishing Scam

Tether has frozen $870,000 in USDT across three wallets connected to phishing scams, theft, and fraud. The stablecoin issuer has blocked over $1.3 billion in assets to date, collaborating with law enforcement in over 40 countries to enforce strict laws against criminal use of USDT. The recent freeze is part of ongoing efforts to stop illegal funds tied to crime and protect users from fraudulent activity.

KiloEx DEX Hacker Returns $1.4M of Stolen Funds

The hacker behind KiloEx’s recent $7.4 million exploit has returned $1.4 million worth of USDT following days of silence. The update was shared by blockchain security firm PeckShield, confirming that funds linked to the attack were sent back to KiloEx’s address. KiloEx, a decentralized perpetuals trading platform backed by YZi Labs, was hacked on Apr. 15 in a cross-chain attack that targeted Base, opBNB, and BNB Chain (BNB). The exploit was first flagged by Cyvers Alerts, which linked the incident to a wallet funded via Tornado Cash. A price oracle vulnerability was the main cause enabling the attacker to exploit the platform.

Tether Revenue Soars Near $1.5 Billion, Outpacing Ethereum and Others

Tether (USDT), the largest stablecoin in the cryptocurrency industry, has generated $1.46 billion this year, with expectations to surpass $1.5 billion soon. This figure significantly outpaces other stablecoins and major crypto players like Tron (TRX), Circle (parent company of USD Coin or USDC), Solana (SOL), and Ethereum (ETH). Ethereum, which was historically one of the most profitable players, has made just $157 million this year. Circle has earned $620 million as it prepares for its IPO, while Solana has generated $159 million largely due to meme coins within its ecosystem. Tron is also mentioned as a significant player but without specific revenue figures provided in this context.