Tether Freezes $46M In USDT Owned By FTX In Response To Law Enforcement Request

Zinger Key Points
  • $46 million USDT that FTX owns has been frozen by Tether.

In response to a request from law enforcement, stablecoin holder Tether USDT/USD has frozen $46 million in USDT on the Tron blockchain owned by the embattled cryptocurrency exchange FTX. 

"We are starting to receive requests from LE to temporarily freeze assets while an investigation occurs," Coindesk reported a Tether executive as saying.

According to on-chain data, the wallet address on the Tron network, which reportedly belongs to FTX, has 46,360,701 USDT worth about $46.3 million.

Following FTX's decision to prohibit withdrawals, contagion started to spread, and USDT plummeted 3% from its $1 peg earlier Thursday. USDT has reclaimed the price of a fraction below $1.

Also read: With Bitcoin, Ether And Altcoins Drowning In A Sea Of Blood, Can Investors Hope To Catch A Falling Knife?

Photo via Shutterstock. 

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesMarketsMediaFTXSam Bankman-FriedTether
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!