Reportedly, about 39 ETH addresses which had more than 7.9 million USDT were blacklisted. Bitfinex, the Tether operator did this under the influence of law enforcement.
These blacklisted addresses will not be able to send or receive funds as they are frozen. If they are honoring requests from law enforcement then it is no safe than keeping money in the banks. The Ethos of financial freedom is defeated. And, those who try to transact with the frozen accounts will get a rejection message.
Sydney Ifergan, the crypto expert tweeted: “Whether for precautionary action or for law enforcement if exchanges are able to lock digits assets whether Tether (USDT) or any other crypto, the purpose is defeated.”
If anyone is able to understand the Paolo Ardoino which reads: Random crypto influencer or DeFi project: “centralised stablecoin are bad. They can freeze addresses. We stand for decentralization.” Random influencer or DeFi: gets hacked. “Hey bro. Big fan bere. So…”
One of the commentators in turn replied, so freezing addresses is not big of a deal to you? Don’t we have enough banks already with total control of our funds?
Increasing numbers of afraid that freezing will be abused by government. One of the investors felt like it will not be good if he holds a 500K which is hard earned in USDT and some corrupted guy from KGB gets his address and blackmails him to give him 100k for leaving him alone. Further, the corrupt guy sends official request that the holder is a fraud or drug dealer and the account gets frozen forever!
Bitfinex and MDOGE
Bitfinex does not seem to give out big news about frozen account and they neither seem to be concerned. They are continuing with their regular business.
Recently Paolo Ardoino tweeted: “Privacy starts from the hardware. We need open source devices, especially Linux based mobile phones. I would expect much more investment and competition in this sector, a pushback against increasing global monitoring. What do you guys use? I’m waiting for Librem 5 at the moment.”
Frozen accounts apart, for those who continue to be trading should be excited to know that Dogecoin is landing on Bitfinex as MDOGE (MegaDogecoin) is providing for a conversion rate of 1 million. Deposits have begun from July 10, 2020. The available pairs are DOG/USD, DOG/UST and DOG/BTC.
Paolo also has been discussing about how there will be a majority transition of traffic to layer-2.
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