On July 13, 2024, Tether froze the TRON address TNVaKW, seizing over 29.62 million USDT. This address, activated on July 9, 2024, is linked to the Cambodian Huione Group’s guarantee business, according to an analysis by Bitrace.
In response to the freeze, Huione Group quickly activated a new business address, TQuFSv, and transferred 114,800 USDC from the frozen TNVaKW. Despite the freeze, Huione’s old related business address, TL8TBp, continues to operate, and other guarantee and payment businesses associated with Huione have been functioning normally over the past six months.
Potential Reasons for the Freeze
The freeze of TNVaKW is suspected to be linked to the address’s involvement in assisting the laundering of funds related to criminal activities such as fraud and crypto theft.
Bitrace has reminded Web3 practitioners to be vigilant about transaction risks when conducting crypto payment business, emphasizing the importance of thorough risk assessment to avoid potential complications.
