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Happycoin club Stablecoin issuing company Tether has frozen a wallet on the TRON network starting with the designation TNVaKW, which contains USDT worth $29.62 million. It is stated that this address is allegedly associated with criminal activity and money laundering. A representative from law enforcement compliance and investigations tools developer Bitrace explained that the frozen address was linked to the Cambodian group Huione's warranty business, which was activated on July 9, 2024. Interestingly, Huione attempted to bypass the freeze by creating a new business address TQuFSv and transferring $114,800 in USDC from the blocked TNVaKW address.
Notably, Huione's older business address TL8TBp continues to operate. Bitrace suggested that the reason for the freeze is related to Huione’s involvement in money laundering, fraud and theft of cryptocurrencies.
Such bans are quite common, as Tether seeks to assist law enforcement agencies around the world in the fight against criminal activity.