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FollowingThorChain co-founder accuses Tether of freezing USDT vaults for no reason
ThorChain technology co-founder Chad Barraford accused stablecoin issuer Tether of blacklisting the network's USDt (USDT) vault addresses without giving reasons, and then lifted the freeze hours later.
Barraford said in a platform X post posted on Friday that Tether had blacklisted THORChain's vault address, resulting in the freezing of USDT, which contained approximately $1.45 million in funds in the network's four wallets. He reported about two hours later that transactions would resume as the company lifted the freeze on all addresses.
"We don't know the reasons behind this decision. We have not had any communication with the USDT before this operation and are currently actively contacting to start a dialogue," Barraford said before the address was unfrozen."We hope this is a mistake or misunderstanding."
Cointelegraph sought details from Tether and ThorChain about the matter, but did not immediately receive a response.
Earlier this week, cross-border payment platform Conduit Technology filed a lawsuit against Tether, accusing the company of freezing USDT worth US$2.76 million in a wallet linked to an investigation launched by Brazilian authorities in 2024. In addition, two Thai nationals also sued the stablecoin company in August, accusing it of freezing USDT worth $42.4 million after allegedly receiving an "informal request" from the U.S. Bureau of Homeland Security Investigation (HSI).
