- Tether completes its first USDT-based Middle Eastern crude oil transaction.
- Tether assists Ontario Provincial Police in recovering $10,000 CAD worth of stolen cryptocurrency.
- The company continues to collaborate with global law enforcement to combat cybercrime.
Tether Trade Finance, the investment branch of the leading digital asset company, has made significant strides in bridging traditional finance with the cryptocurrency world. Recently, Tether announced it had completed its first USDT-based crude oil transaction in the Middle East.
The transaction, which involves the transportation of 670,000 barrels of crude oil valued at approximately $45 million, is set to be finalized in October 2024. This milestone marks a pivotal moment for the company, highlighting the growing acceptance of USDT in global trade markets.
By leveraging its blockchain technology, the company aims to streamline the process of financing large-scale commodities transactions, offering quicker, more secure payments than traditional methods. This venture into the oil industry demonstrates the company’s evolving role in the global economic landscape.
Tether Aids in Cybercrime Investigation
Tether has also reaffirmed its commitment to public safety and regulatory compliance by partnering with the Ontario Provincial Police (OPP) in a recent cybercrime investigation.
The company’s proactive engagement helped seize and return approximately $10,000 CAD worth of stolen cryptocurrency. Due to Tether’s swift action in freezing the USD₮ assets involved, the funds were quickly recovered, ensuring the victim was reimbursed.
Detective Staff Sergeant Addison Hunter praised the collaboration, noting that Tether’s support was critical to the fast resolution of the case. The company’s involvement serves as a reminder of the company’s ongoing effort to work with law enforcement to combat illicit activities within the digital assets space.
The company’s commitment to transparency and regulatory compliance is evident in its ongoing efforts to assist law enforcement agencies. With a track record of cooperating with over 195 law enforcement agencies across 48 jurisdictions, the company has played an essential role in freezing more than $2 billion in assets tied to criminal activities.
As the company continues to enhance its relationships with global law enforcement, it reinforces its dedication to combating cybercrime and preserving the integrity of the cryptocurrency ecosystem.
The company’s proactive approach in this area underscores its belief in working alongside authorities to ensure a safe and secure environment for digital asset users.
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