{"id":13193,"date":"2024-05-03T15:10:39","date_gmt":"2024-05-03T12:10:39","guid":{"rendered":"https:\/\/forklog.com\/en\/tether-and-chainalysis-to-develop-secondary-market-monitoring-solution\/"},"modified":"2024-05-03T15:10:39","modified_gmt":"2024-05-03T12:10:39","slug":"tether-and-chainalysis-to-develop-secondary-market-monitoring-solution","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tether-and-chainalysis-to-develop-secondary-market-monitoring-solution\/","title":{"rendered":"Tether and Chainalysis to Develop Secondary Market Monitoring Solution"},"content":{"rendered":"<p>Tether, the issuer of USDT, and security firm Chainalysis have <a href=\"https:\/\/tether.io\/news\/tether-enhances-compliance-measures-with-chainalysis-ecosystem-monitoring-solution\/\">entered into a partnership<\/a> to create a system for tracking activity in the secondary market.<\/p>\n<p>According to the press release, this pertains to &#8220;transactions occurring within the broader USDT ecosystem beyond the limited liability organizations that directly buy and sell the stablecoin.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The solution allows Tether to methodically monitor transfers, providing a deeper understanding and control over the USDT market. It also serves as a proactive source of information for compliance specialists and investigators, enabling the identification of wallets that pose a risk or are linked to criminal and\/or sanctioned addresses,&#8221; the statement reads.<\/p>\n<\/blockquote>\n<p>The Chainalysis tool includes several features:<\/p>\n<ul class=\"wp-block-list\">\n<li>a sanctions monitoring system \u2014 provides a list of addresses and transactions of entities subject to restrictions;<\/li>\n<li>categorization \u2014 divides USDT holders by type, including exchanges and darknet markets;<\/li>\n<li>illegal transfer detector \u2014 flags potentially dangerous transactions;<\/li>\n<li>analysis of major wallets.<\/li>\n<\/ul>\n<p>Tether emphasized that the company &#8220;actively combats illegal activity in the industry,&#8221; collaborating with 124 law enforcement units across 43 jurisdictions.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Cryptocurrency is transparent, and using this transparency to cooperate with authorities and freeze criminal funds is the best way to prevent its use for terrorism, fraud, and other illegal activities,&#8221; noted Chainalysis co-founder and Chief Strategy Officer Jonathan Levin.<\/p>\n<\/blockquote>\n<p>Earlier, U.S. Senators Elizabeth Warren and Roger Marshall <a href=\"https:\/\/forklog.com\/en\/news\/us-senators-voice-concerns-over-usdts-role-in-sanctions-evasion\">sent<\/a> a letter to the Treasury, the Department of Defense, and the White House expressing concerns about the use of cryptocurrencies to evade sanctions. The concerns specifically involved USDT.<\/p>\n<p>Following news of Venezuela&#8217;s plans to <a href=\"https:\/\/forklog.com\/en\/news\/venezuelan-oil-firm-embraces-usdt-amid-sanctions\">evade U.S. restrictions<\/a> using USDT, Tether announced its intention to <a href=\"https:\/\/forklog.com\/en\/news\/tether-to-block-payments-evading-sanctions\">block payments<\/a> used for this purpose.<\/p>\n<p>Back in December 2023, the stablecoin issuer confirmed its commitment to cooperating with authorities and law enforcement worldwide.<\/p>\n<p>In the same month, the company announced the start of a new policy to freeze wallets whose owners are under U.S. sanctions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether, the issuer of USDT, and security firm Chainalysis have entered into a partnership to create a system for tracking activity in the secondary market. According to the press release, this pertains to &#8220;transactions occurring within the broader USDT ecosystem beyond the limited liability organizations that directly buy and sell the stablecoin.&#8221; &#8220;The solution allows [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[274,686,1245,1515],"class_list":["post-13193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chainalysis","tag-sanctions","tag-tether-usdt","tag-tracking"],"aioseo_notices":[],"amp_enabled":true,"views":"35","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13193"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13192"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}