Tether froze an address with $29.62 million in USDT due to wrongdoing

It is stated that the address is allegedly linked to criminal activity and money laundering.

A spokesperson for law enforcement compliance and investigative tools developer Bitrace explained that the frozen address is related to the guarantee business of Cambodian group Huione, which was activated on July 9, 2024.

Interestingly, Huione attempted to circumvent the freeze by creating a new business address, TQuFSv, and transferring $114,800 to the USDC from the blocked TNVaKW address.

Notably, Huione's older business address TL8TBp continues to operate. Bitrace speculated that the reason for the freeze is related to Huione's involvement in money laundering, fraud, and cryptocurrency theft.

Such blockchains are a fairly common occurrence, as Tether is committed to assisting law enforcers around the world to combat criminal activity.

For example, on May 8, Tether announced the freezing of an Ethereum wallet that held a staggering $100 million in USDT.