Ledger theft-linked funds shift from USDT to USDD to evade freeze controls
Summary
On October 9, an address linked to Ledger user thefts converted 2 million $USDT, moving the funds outside Tether's freeze controls designed to address criminal activity. This conversion involved shifting the assets to USDD on the Tron network, which allows the funds to operate beyond Tether's direct oversight.
Tokens
$USDT$USDD
Analysis
Ledger: Ledger produces hardware wallets designed for secure cryptocurrency storage. The reported address involved in the October 9 swaps was tied directly to thefts targeting Ledger users. Tether: Tether issues the USDT stablecoin and maintains controls to freeze tokens linked to illicit activity. In this news, theft-linked funds from Ledger users were converted out of USDT specifically to move beyond those freeze capabilities on the Tron network. Stablecoin Controls: Tether maintains freeze mechanisms on USDT to address funds connected to criminal activity. Blockchain Migration: The conversion shifted assets to USDD on the Tron network to operate outside Tether's direct controls.
Categories
cryptorwadefion_chain_whale