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Tether freezes wallets that bypass Venezuelan oil sales
Tether blocks Venezuelan government wallets - USDT frozen for oil transactions. OFAC sanctions affected. US companies react.
Tether freezes wallets that bypass Venezuelan oil sales
Tether has announced that it will freeze all wallet addresses linked to the Venezuelan government's oil sales that attempt to circumvent sanctions. The Venezuelan government has been practicing selling oil through Tether for almost six months. One user suggested that the government is using the stablecoin DAI for these transactions instead.
The company Tether responded to Venezuela's efforts to sell oil outside of US sanctions using the USDT stablecoin by announcing that it would freeze addresses associated with this evasion business. This is done in accordance with the regulations of the Office of Foreign Assets Control concerning sanctioned organizations.
It was reported that companies doing business with Venezuelan state oil company PDVSA had to use intermediate wallets to process transactions. PDVSA used stablecoins for fuel and crude oil transactions to avoid licensing issues with the US government.
A cryptocurrency-related corruption scandal is weighing on PDVSA after significant amounts of money disappeared from crude oil shipments. It is suspected that PDVSA uses USDT stablecoins to process exports and sales in order to circumvent account freezes by the USA.
Tether's response has sparked debate in the internet community, with some users expressing concerns that the company's actions may be one-sided. One user pointed out that the Venezuelan government may use the decentralized stablecoin DAI for its oil transactions since it is not subject to central control like USDT.