Tether Freezes $46 Million of FTX’s USDT on the Tron Blockchain, Establishing a New Standard

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Last Updated on November 11, 2022 by Bitfinsider

According to blockchain transaction data published by WhaleAlert.io on November 10, Tether appears to have locked in its Tron blockchain wallet 46,360,701 USDT ($46,274,472) belonging to failing cryptocurrency exchange FTX. This decision was made one day after the U.S. Securities and Exchange Commission and the U.S. Justice Department launched an investigation into FTX’s liquidity crisis.

A Tether spokeswoman confirmed on October 11 that the company only freezes privately held wallets in response to a valid request from a verified law enforcement agent, and that “we do not freeze wallets of exchanges or services.” If true, the wallet freeze placed on FTX would be the first of its sort. Japanese authorities ordered FTX to cease business in the nation the same day the exchange suspended withdrawals.

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