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Tether Freezes $46M of USDT Held by FTX Following Law-Enforcement Request
The stablecoin lost its $1 peg earlier on Thursday.
Stablecoin issuer Tether has frozen $46 million of USDT held on the Tron blockchain by failing crypto exchange FTX following a request from law enforcement.
According to Tron block explorer Tronscan, the wallet belongs to FTX, the crypto exchange that halted withdrawals earlier this week following liquidity issues.
STORY CONTINUES BELOW
"We are starting to receive requests from LE to temporarily freeze assets while an investigation occurs," a Tether executive told CoinDesk, using an acronym for law enforcement.
A Tether spokesperson told CoinDesk via email that “while we cannot specifically comment, Tether routinely has open dialogue with law enforcement agencies, including the U.S. Department of Justice, as part of our commitment to cooperation, transparency, and accountability."
USDT fell 3% from its $1 peg earlier Thursday as contagion begins to spread following FTX's plight. It was recently trading at just a fraction below $1.
UPDATE (Nov. 10, 14:50 UTC): Adds that the frozen wallet belongs to FTX.
UPDATE (Nov. 10, 19:14 UTC): Adds comment from Tether spokesperson.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
