Tether Cryptocurrency Becoming ‘Preferred Choice’ Among Money Launderers - page 3.

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Quote from: pakhitheboss on January 23, 2024, 04:42:42 AM

XMR is not stable and is not pegged to the global currency which is USD that is why USDT is being used for illicit activities. Tether can freeze USDT only when authorities report it. Without any reporting, they don't freeze USDT and those criminals who are into money laundering are not some small-time thugs.

It is true that Tether does not freeze an address without a report from the authorities, but they can that. If I were a person who wanted to use the money for illegal activities, I would be careful not to possess large amounts of USDT, or at least transfer it as quickly as possible before it is frozen or^[1].
In general, I do not expect Tether to take measures against regulations. As Tether works, it is easy to impose measures on it, such as forcing users to perform identity verification or forcing users to send to a specific address. These deposits cannot be accepted until after AML procedures

[1]

Quote from: Jawhead999 on January 23, 2024, 05:47:50 AM

They should use DAI instead.

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I think they're not aware about centralization, so they choose the popular or highest volume stable coin. Now why SEC or OFAC didn't sue USDT for being irresponsible? Cheesy

It's always "Bitcoin" as the victim when it comes to anything that illegal.

Quote from: pakhitheboss on January 23, 2024, 04:42:42 AM

XMR is not stable and is not pegged to the global currency which is USD that is why USDT is being used for illicit activities. Tether can freeze USDT only when authorities report it.

They should use DAI instead.

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Quote from: avikz on January 18, 2024, 10:05:53 PM

That's quite surprising! USDT is a centralized cryptocurrency where the issuers have the power to block any transactions or wallets. They have done it multiple times before and they can do it again. So it's surprising to see that a centralized crypto is being used for illicit transactions. Ideally cryptos like XMR are supposed to be used for such transactions the way it happens in the black markets. Is USDT knowingly allowing such transactions to happen using their network?

XMR is not stable and is not pegged to the global currency which is USD that is why USDT is being used for illicit activities. Tether can freeze USDT only when authorities report it. Without any reporting, they don't freeze USDT and those criminals who are into money laundering are not some small-time thugs. They know that Tether provides greater anonymity than Fiat, has far lesser transaction fees than Fiat, and is easy to use. As the UN is the mouthpiece of five countries I am assuming money laundering using USDT has grown in those five countries. Globally USD is still a preferred way of laundering money and financing terrorism.

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Quote from: avikz on January 18, 2024, 10:05:53 PM

That's quite surprising! USDT is a centralized cryptocurrency where the issuers have the power to block any transactions or wallets. They have done it multiple times before and they can do it again. So it's surprising to see that a centralized crypto is being used for illicit transactions. Ideally cryptos like XMR are supposed to be used for such transactions the way it happens in the black markets. Is USDT knowingly allowing such transactions to happen using their network?

I wanted to say this too. If Tether is used in a crime, why aren't the coins frozen?
Tether cooperates with all law enforcement agencies

https://getblock.net/en/news/tether-has-filed-applications-with-rospatent-for-trademark-registration
"Tether has applied to the Federal Intellectual Property Service of the Russian Federation for trademark registration. The company intends to register four product names: ALLOY BY TETHER, AUSDT, TETHER ALLOY, and TETHER USDT, RBC reports with reference to the Rospatent bulletin."

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That's quite surprising! USDT is a centralized cryptocurrency where the issuers have the power to block any transactions or wallets. They have done it multiple times before and they can do it again. So it's surprising to see that a centralized crypto is being used for illicit transactions. Ideally cryptos like XMR are supposed to be used for such transactions the way it happens in the black markets. Is USDT knowingly allowing such transactions to happen using their network?

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I read about this few days ago, but to back that, Chainanalysis has released their own 2024 crypto crime report and it states that stablecoins are used more for illicit transactions. USDT is the most traded stablecoins and it will have the highest traded in volume, also for illicit transactions.

You can see how stablecoins are taking it from bitcoin year after the other

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https://www.forbes.com/sites/roberthart/2024/01/15/tether-cryptocurrency-becoming-preferred-choice-among-money-launderers-and-scammers-un-warns/?sh=553fd7ef6385
Tether Cryptocurrency Becoming ‘Preferred Choice’ Among Money Launderers And Scammers, UN Warns
"Tether, one of the world’s most traded cryptocurrencies, has become a key tool for criminals, money launderers and scammers, according to a United Nations report published Monday, amid intensifying legal and regulatory scrutiny over how digital assets are being used to aid illicit activity."
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A new attack on Tether has begun anew across many major news resources.

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