Tether introduced a tool to restore access to assets

[Teacher]

On Monday, March 4, Tether announced the launch of a tool to restore access to USDT stablecoins in case of emergency failures when moving assets between blockchains.

Safeguarding Tether Tokens: A Comprehensive Approach to Blockchain Resilience and User Protection

Read more: https://t.co/2Cc5Bnixh2
— Tether (@Tether_to) March 4, 2024

https://twitter.com/x/status/1764641072393650387

The growing number of blockchains available to USDT holders and the increased activity of users making cryptocurrency transactions in stablecoins prompted the company to develop an option for emergency development of events. The Tether team has supplemented the existing system of mutual settlements between blockchains with a tool that promises permanent protection and access of USDT owners to assets in situations when any of the blockchains on which operations in USDT are available will fail.

If such a situation occurs, users will be able to confirm ownership of addresses in an unresponsive blockchain, as well as the recipient's address in another supported blockchain. And Tether will be able to move USDT between networks.

Users will be able to initiate the migration process via the Internet or command-line tools. The procedure includes a cryptographic signature of the migration request to verify the ownership of USDT stablecoins. Support is available for popular wallets with browser extensions, as well as hardware wallets such as Ledger or Trezor. In addition, the command-line interface allows you to directly enter the private key and sign the required message using an open source script on the local computer.

 

[Father]

Tether, the issuer of the USDT stablecoin, blocked 9.98 million USDT (slightly more than 927 million rubles) on one of the wallets. This was reported by specialists of the Whale Alert project, which is a blockchain tracker.

Apparently, the block was a continuation of the December story, when it was announced that 326 wallets were frozen, which in total store $ 435 million. According to company representatives, this was done to assist the US Department of Justice, the Federal Bureau of Investigation and the Secret Service.

Then, commenting on the decision, Tether CEO Paolo Ardoino noted that the company wants to be a "world-class partner" for the United States, which will help "expand the hegemony of the dollar around the world." Apparently, such a harsh policy regarding questionable wallets was a response to a letter that several representatives of the United States Senate sent to the country's Attorney General in October. It expressed concerns about the possible use of stablecoins for money laundering and terrorist financing.