Tether Freezes $29,620,000 in Tron Address With Links to Cambodian Ruling Family: Report

Stablecoin issuer Tether has frozen the USDT held by a Tron (TRX) network address linked to an online bazaar reportedly used by scam operators in Southeast Asia. 

Blockchain data analysis firm Bitrace says it has confirmed that the wallet holding over 29.62 million USDT has ties to Huione Guarantee, an online marketplace owned by a conglomerate linked to Cambodia’s ruling Hun family.

“On July 13, 2024, the TRON address TNVaKW was frozen by Tether for over 29.62 million USDT. After analysis by Bitrace, it was confirmed that this address is the guarantee-related business address of the Cambodian Huione Group activated on July 9, 2024.”

According to blockchain analytics firm Elliptic, Huione Guarantee has so far facilitated at least $11 billion worth of transactions – including those linked to pig butchering, sextortion scams and other cybercrimes – and primarily uses USDT for payments.

Bitrace says Tether likely suspended the platform’s Tron address because of its ties to illicit activities. 

“The reason why TNVaKW was frozen may be related to assisting in the laundering of funds for criminal activities such as fraud and crypto theft.”

Despite Tether’s move, Bitrace says Huione Guarantee still has other avenues for receiving and moving funds. 

“At present, Huione has once again activated a new business address TQuFSv and transferred 114,800 USDC from the frozen TNVaKW. 

In addition, its officially announced old related business address TL8TBp is still in operation, and its other guarantee and payment businesses have been in operation in the past six months. None of the relevant addresses have been frozen.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Tether Freezes $29,620,000 in Tron Address With Links to Cambodian Ruling Family: Report appeared first on The Daily Hodl.