This is not an old news anymore that Tether can freeze funds. That's the power of centralized systems and those scammers will try to avoid usage of USDT because they know that if they'll get caught, the funds will be frozen and they'll have no control on it anymore.
On these matters, this is good but for decentralization then it's a different matter. I guess that's the consolation that one can get with that when he's phished and scammed.
Topic: Tether Blacklists Address To Stop Scammer (Read 94 times)
If you come across any suspicious transactions or addresses, report them immediately to the relevant authorities or the platform you are using. Let's work together to maintain a safe and secure crypto community.
It will not work for decentralized coin e.g. Bitcoin, as long as the coin isn't linked with the centralized site and you never submit any KYC, there's no chance they will know who you are and freeze your coins.The drawback with this centralization is the team or the site can randomly freeze someone coin and you would lose all of your coins, so it's not secure due to this centralization.
Tether USDT is a token and it is similar to other altcoins which are all centralized and can be halted by the blockchain, rollback or tokens in one address can be frozen by the Tether company.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
Stable coin and blacklists
There are 918 banned addresses with 471,410,335 USDT frozen.
Dune Analytics has details: https://dune.com/phabc/usdt---banned-addresses
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
Stable coin and blacklists
There are 918 banned addresses with 471,410,335 USDT frozen.
Dune Analytics has details: https://dune.com/phabc/usdt---banned-addresses
Hey there, dear forum members! ie've got some eye-opening news to share about a recent heist that took place due to a perfectly executed zero-transfer phishing attack. Let's dive into the details and learn from this incident to protect ourselves and our crypto assets!
The hackers pulled off this daring heist by creating a fake address that resembled the intended receiver's wallet. They spoofed a transaction that looked like a legitimate transfer of USDT from the victim's wallet, but no funds were actually moved. In the confusion, the victim unwittingly sent $20 million to the scammer's address.
An on-chain data report from Peckshield revealed the manipulation behind the attack. The intended receiver's address had previous transactions with the victim's wallet, making it easier for the scammers to exploit the similarity.
Fortunately, Tether, the company behind USDT, swiftly took action upon discovering the unauthorized transactions. They blacklisted the scammer's address, effectively blocking them from accessing or withdrawing the stolen USDT.
This incident serves as a reminder to stay vigilant in the crypto space. Double-check addresses, verify transactions, and be cautious when dealing with large sums of money. Trust is essential, but verifying the details can save you from falling victim to such attacks.
If you come across any suspicious transactions or addresses, report them immediately to the relevant authorities or the platform you are using. Let's work together to maintain a safe and secure crypto community.
Let's learn from this heist and share insights to protect one another from potential threats. Stay informed, stay secure, and keep your crypto assets safe!
Information source - https://bitcoinist.com/scammer-successfully-steals-20-million-usdt/?utm_source=coingecko&utm_content=coingecko&utm_campaign=coingecko&utm_medium=coingecko&utm_term=coingecko
The hackers pulled off this daring heist by creating a fake address that resembled the intended receiver's wallet. They spoofed a transaction that looked like a legitimate transfer of USDT from the victim's wallet, but no funds were actually moved. In the confusion, the victim unwittingly sent $20 million to the scammer's address.
An on-chain data report from Peckshield revealed the manipulation behind the attack. The intended receiver's address had previous transactions with the victim's wallet, making it easier for the scammers to exploit the similarity.
Fortunately, Tether, the company behind USDT, swiftly took action upon discovering the unauthorized transactions. They blacklisted the scammer's address, effectively blocking them from accessing or withdrawing the stolen USDT.
This incident serves as a reminder to stay vigilant in the crypto space. Double-check addresses, verify transactions, and be cautious when dealing with large sums of money. Trust is essential, but verifying the details can save you from falling victim to such attacks.
If you come across any suspicious transactions or addresses, report them immediately to the relevant authorities or the platform you are using. Let's work together to maintain a safe and secure crypto community.
Let's learn from this heist and share insights to protect one another from potential threats. Stay informed, stay secure, and keep your crypto assets safe!
Information source - https://bitcoinist.com/scammer-successfully-steals-20-million-usdt/?utm_source=coingecko&utm_content=coingecko&utm_campaign=coingecko&utm_medium=coingecko&utm_term=coingecko
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