As a response to the law enforcement agency requirement, the company behind the largest stablecoin in crypto, Tether has frozen $47 million USDT held by FTX.
This was revealed by the blockchain transaction data provided by WhaleAlert on Thursday, the move also came almost a day after the law enforcement agency launched an investigation into the insolvent FTX crypto exchange regarding its liquidation crunch.
Meanwhile, last month, Tether stated that it usually freezes wallets upon requests from any verified law enforcement agency.
“While we cannot specifically comment, Tether routinely has an open dialogue with law enforcement agencies, including the U.S. Department of Justice, as part of our commitment to cooperation, transparency, and accountability,” said a Tether spokesperson in an interview with the media.
“Amid rumors of insolvency at crypto exchange FTX and worries about the financial conditions of Alameda Research, we would like to first and foremost, act as a mouthpiece for the entire crypto ecosystem and reiterate that one crisis does not make an industry,” the spokesperson added.
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