Tether Holdings Limited, the issuer of the world’s largest stablecoin USDT, recently froze an account worth more than $4.1 million, according to on-chain browsers. This again raises the question of whether centralization with power is the ideal path forward, or whether decentralized projects like Tradecurve are essential to the survival of the DeFi ecosystem.
$4.1 million USDT frozen without explanation
On June 19, Tether froze $4.11 million in USDT, but did not provide any further comment on the action. Analytics platform Etherscan flagged USDT wallets as frozen.
A Reddit user traced the frozen account back to a Huobi user, and on-chain data showed that USDT flowed into the wallet in March 2023. Current speculation that the account owner may be involved in illicit activity appears to have prompted Tether to actively freeze holdings in the address.
Tether Holdings Limited, as a centralized entity, manages a circulating supply of USDT worth more than $83.1 billion. Every USDT token on any blockchain is issued and backed 1:1 with cash or cash equivalents.
Tether and USDT play an important role in the cryptocurrency market but face centralization concerns, further underscored by the issuer’s ability to freeze assets. This is in stark contrast to the core tenets of blockchain technology, which is inherently borderless and decentralized.
Critics on social media have raised their voices, pointing out that Tether Holdings Limited is acting like a bank by freezing addresses. A Reddit user highlighted the fact that Tether has integrated a “kill switch” in the token code, which may be triggered at any time to block an address. This brings certain risks to the entire market and financial system.
As the cryptocurrency industry continues to expand and evolve, it remains to be seen how decentralized the final state of USDT can be.
Tradecurve, on the other hand, aims to revolutionize the trading industry by providing a decentralized hybrid exchange.
Tradecurve.io: Decentralized Exchange
Tradecurve represents the next step in decentralized exchanges. 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 cryptocurrencies to trade commodities, stocks, forex, cryptocurrencies, and more.
Tradecurve users enjoy complete anonymity with no KYC procedures required, making trading accessible to everyone and facilitating easy access to various markets and instruments. Tradecurve has multiple advantages, such as AI-driven algorithmic trading, 500:1 leverage, Whale VIP account service, documentary trading, and Metaverse Trading Academy, which provides all necessary materials for self-study.
TCRV tokens are currently priced at $0.018 In the fourth phase of the official pre-sale, analysts predict 100 times It will be returned after the pre-sale ends.
More information on $TCRV pre-sale tokens:
Buy pre-sale: https://app.tradecurve.io/sign-up
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