Tether, the company behind the world’s leading stablecoin, is teaming up with Crystal Intelligence to combat cryptocurrency crime. This partnership involves a significant financial investment by Tether to improve the overall security of the crypto ecosystem.
Fighting Fraud and Scams
The collaboration focuses on leveraging Crystal Intelligence’s blockchain analytics expertise to detect fraud, provide regulatory intelligence, and mitigate risks associated with scams. This is a proactive step to address the rising tide of illicit activities in the crypto space. In 2024 alone, over $9.3 billion in digital assets were stolen – a 66% increase from the previous year.
Tether’s Commitment to Security
Tether CEO, Paolo Ardoino, emphasized the company’s dedication to working with law enforcement to track and freeze illicit funds. He highlighted Tether’s past successes in assisting investigations across numerous jurisdictions and freezing billions in stolen assets. Ardoino stated that this partnership will enhance their ability to trace funds in real-time and send a clear message that illegal activity won’t be tolerated.
A Necessary Step for Crypto’s Future
Tether has been actively involved in fighting crypto crime for years, assisting international law enforcement. However, the company has also faced its share of controversy, including past investigations.
Crystal Intelligence CEO, Navin Gupta, views the partnership as a validation of their work and a commitment to proactive security measures within the crypto industry. He stressed the importance of responsible innovation and getting ahead of threats, rather than simply reacting to them.