Tether freezes 46.3 million USDT owned by FTX at request of law enforcement

Companies • November 10, 2022, 9:42AM EST
UPDATED: November 10, 2022, 9:48AM EST
The Block

Quick Take

  • Tether has frozen 46 million of USDT owned by crypto exchange FTX.
  • This comes as a result of a request from law enforcement.

Tether has frozen 46 million of USDT owned by crypto exchange FTX at the request of law enforcement.

On-chain data shows Tether has frozen a wallet address with 46,360,701 USDT ($46.3 million) on the Tron network. This address reportedly belongs to FTX.

"We are starting to receive requests from LE to temporarily freeze assets while investigation occur," a Tether executive told CoinDesk.

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This comes days after FTX stopped withdrawals, citing liquidity issues. FTX CEO Sam Bankman-Fried said today, however, that the exchange has more assets than client deposits.


Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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