According to a press release, the company behind the top stablecoin in the world, Tether, has poured millions of dollars to ink a new partnership. The deal will allow the crypto company to contribute with the overall health of the nascent industry.
Tether To Fight Against Crypto Crime
Per the document, Tether has partnered with Crystal Intelligence, a blockchain analytics company to provide fraud detection, regulatory intelligence solutions, and risk scams. In that way, the company joins the many efforts of key industry players to combat illicit stablecoin use.
The main goal behind the partnership, according to the release, is to create a more secure crypto ecosystem. Data provided by the company claims that over $9.3 billion in digital assets were stolen, or illegally taken from its users in 2024 alone.
This number represented a 66% increase from 2023. Thus, the company claims that there has been a steady increase in illicit activities and bad actors in the crypto industry. The partnership with Crystal Intelligence aims to mitigate this threat.
BTC price trends to the upside on the daily chart. Source: BTCUSD on Tradingview
Paolo Ardoino, CEO of Tether, stated the following regarding the partnership:
Tether is firmly committed to supporting law enforcement agencies in a shared effort to combat illicit activity. With the latest in advanced intelligence tools, like those being developed by Crystal Intelligence, we are enhancing our ability to assist authorities in tracing the movement of funds in real time. Tether has already contributed to freezing billions in unlawful funds and has supported investigations across dozens of jurisdictions. This strategic investment will strengthen our capacity to collaborate more effectively and reinforce a clear message: USD₮ is the the digital dollar for the people, bad actors will be stopped.
Stablecoin Company Steps Up, Crypto Safety On the Line
Tether has been making an extra push for several years to fight against illicit on-chain activity, including aiding international law enforcement agencies to track and freeze funds from bad actors.
However, it is also worth noting that Tether has been the subject of some controversy. In particular, the previous US administration launched several investigations against the crypto company, and was close to facing criminal charges for alleged fraud.
Navin Gupta, CEO of Crystal Intelligence, added the following regarding the deal:
As the crypto industry matures, so must its foundations of trust and intelligence. Tether’s backing is both a validation of the work we’ve done together and a joint commitment to future-proofing the industry through actionable insight, integrity, and innovation. We see too many players waiting for mandates. At Crystal, we believe responsible innovation means getting ahead of threats and not just reacting to them.
Cover image from ChatGPT, BTCUSD chart from Tradingview
