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Tether Holdings Limited, the issuer of the world's largest stablecoin, USDT, has recently frozen an account with over $4.1 million, as shown by on-chain explorers. This once again raises the question of whether centralization, with its concentration of power, is the ideal path forward or if decentralized projects like Tradecurve are essential for the survival of the DeFi ecosystem.
No explanation for $4.1 million freeze of USDT
On June 19th, Tether froze $4.11 million of USDT without providing any further comment on the action. The analytics platform Etherscan marks the USDT wallet as frozen.
A Reddit user traced the frozen account back to a Huobi user, and on-chain data indicates that the USDT was funneled into the wallet in March 2023. There is ongoing speculation that the owner of the account may be involved in illegal activities, which appears to have prompted Tether to actively freeze the holdings in the address.
Tether Holdings Limited acts as a centralized entity and manages over $83.1 billion worth of USDT in circulating supply. Each USDT token on any blockchain is issued and backed 1:1 with cash or cash equivalents.
Tether and USDT play an essential role in the cryptocurrency market but face concerns regarding centralization, which are further highlighted by the issuer's ability to freeze assets. This stands in contrast to the core principles of blockchain technology, which is inherently borderless and decentralized.
Critics on social media are raising their voices, pointing out that Tether Holdings Limited behaves like a bank by freezing the address. A Reddit user highlighted the fact that Tether has integrated a "kill switch" in the token's code that can potentially be triggered at any point to block an address. This carries a certain risk for the overall market and the financial system.
As the cryptocurrency industry continues to expand and evolve, it remains to be seen to what extent USDT can achieve decentralization in its final state.
On the other hand, Tradecurve aims to revolutionize the trading industry by offering a decentralized hybrid exchange.
Tradecurve.io: Decentralized trading
Tradecurve represents the next step in decentralized trading. By combining the worlds of decentralized and centralized exchanges, it provides access to thousands of financial instruments across multiple international markets. Users can leverage their cryptocurrency to trade commodities, stocks, forex, cryptocurrencies, and more.
Tradecurve users enjoy complete anonymity without the need for KYC procedures, making trading accessible to everyone and facilitating easy onboarding to a wide range of markets and instruments. Tradecurve offers various advantages, such as AI-driven algorithmic trading, 500:1 leverage, a VIP account service for whales, copy trading, and a Metaverse Trading Academy, which provides all the necessary materials for self-education.
The TCRV token is currently priced at $0.018 in the 4th stage of the official presale, and analysts predict a 100x return when the presale ends.
For more information about $TCRV presale tokens:
Buy presale: https://app.tradecurve.io/sign-up
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.