Based on information from Arkham Intelligence, Tether, the firm that created the most well-known stablecoin globally, has blocked five unidentified wallets that have received a total of 54.1 million USDT.
The last transfer, which was seen two days ago, came from a wallet that had, in the six months prior, distributed the majority of its money to other wallets.
Tether has already taken action against addresses connected to illegal activity. In the past, Tether worked with OKX and the US Department of Justice (DOJ) to freeze over 225 million USDT tokens as part of an investigation into a global human trafficking organisation connected to a romantic fraud in Southeast Asia.
Tether has been regularly checking its users for compliance and blocking wallets linked to questionable activity in response to heightened regulatory scrutiny.
According to Bloomberg, Kraken, a cryptocurrency exchange, is thinking of taking Tether (USDT) off its platform in order to adhere to the new legal framework that will be implemented in July of this year as part of the European Union’s Markets in Crypto Assets (MiCA).
At now, Kraken is assessing possible measures, such as terminating assistance for Tether, the most actively traded cryptocurrency on its platform in the European Union. The impending rules described in MiCA are anticipated to have an effect on USDT, a stablecoin created by Tether Holdings Ltd. that aims to keep its value exactly equal to that of the dollar.
The advice that will soon be finalised by the European Banking Authority will likely put limitations on stablecoins that are available to investors in the EU. Traders mostly utilise stablecoins to ease the movement of digital assets between exchanges and protect their wealth from volatility in token prices.
