Crypto Nightmare: Russian Operative Uses Tether To Fund War Machine
Portfolio Pulse from Murtuza Merchant
Andrey Zverev, a Russian operative, used Tether (USDT) to transfer millions of dollars for securing drone components for Kalashnikov Concern, bypassing international sanctions. This highlights a significant loophole in sanction enforcement, with over $10 trillion in transactions using Tether in 2023 alone. The U.S. Treasury Department seeks regulatory authority over U.S. dollar-denominated stablecoins like Tether to close this gap. Tether Holdings has initiated a policy to freeze transactions linked to sanctioned entities, but the use of Tether in circumventing sanctions remains a concern.
April 01, 2024 | 8:05 pm
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Tether (USDT) was used by a Russian operative to facilitate millions in transactions for military components, highlighting its role in bypassing sanctions and the regulatory challenges it poses.
The use of Tether (USDT) by a Russian operative to bypass international sanctions directly implicates USDT in activities that could lead to increased regulatory scrutiny and potential backlash from both regulators and the public. This situation could negatively impact the perception and stability of Tether in the short term, as it becomes a focal point for discussions on the need for tighter controls and regulations on stablecoins.
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