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The rising adoption of crypto has brought significant attention from regulators. Most recently, Tether has found itself at the crosshairs of regulation, opting to proactively freeze 161 wallets on its network. The move saw mixed reactions, with many flocking to more decentralized DeFi projects like Everlodge, which saw a massive surge of 170% during its presale.
Tether (USDT) Freezes $3.5 Million
Tether (USDT) is taking a proactive stance with US regulators. On December 9th Tether announced a new policy to ‘strengthen’ its ecosystem. To do this, Tether has initiated a wallet-freezing policy. The policy combats Sanctioned persons on the OFAC and SDN list.
Tether’s CEO Paolo Ardoino issued this statement: “This strategic decision aligns with our unwavering commitment to maintaining the highest standards of safety for our global ecosystem and expanding our close working relationship with global law enforcement and regulators.”
Specifically, Tether froze 161 Ethereum wallets. The move caused some controversy, as 150 of those did not hold any Tether!
“By executing voluntary wallet address freezing of new additions to the SDN List and freezing previously added addresses, we will be able to further strengthen the positive usage of stablecoin technology and promote a safer stablecoin ecosystem for all users,” Ardoino continued.
The total Tether frozen is $3.5 million. However, this number is highly skewed as one address owned $3.4 million. This address was linked to a recent hacking attack.
2 addresses had about 20,000 tokens, and one had almost 60,000. One wallet also transferred 400,000 Tether a day before the freeze. However, the user routed the transactions through 2 other wallets. This way, the user’s fundsdidn’t get frozen.
The crypto community has divided opinions. Some hail the move claiming it will set the regulatory base for wider adoption. At the same time, others hiss and say this is not what crypto is about. As a result of user discontent, some are moving to DeFi.
DeFi Token Everlodge (ELDG) Up 170%
As more doubt arises around Tether, people flock to DeFi. There’s a new token that catches people’s attention.
A revolutionary property marketplace that fractionalizes real estate. Imagine Airbnb but with crypto and fractional ownership. Don’t have enough money to buy a whole house? No problem. You can purchase a fraction of the property and earn passive income!
Hotels and luxury villas get digitized and minted into NFTs. The NFTs are traded on a liquid market. This makes your digitized property more liquid than traditional real estate. What is more, property-backed NFTs can be used as collateral for loans. Perhaps a partnership with big lending platforms might come? This would be a great deal for AAVE and Compound.
🔥 It’s official!
Stage 8 is now LIVE at a $0.027!🚀 Get in on the action and don’t miss this red-hot opportunity!
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#Crypto #RWA pic.twitter.com/DKzxKTHGay
— Everlodge (@EverlodgeHQ) December 11, 2023
Importantly, Everlodge holders can earn free stays in properties across the ecosystem. Another big plus for the project is that the team locked their tokens for 2 years. This signals that the token is not here only for short-term gains but also for the long run.
The ever-inflating real estate market is going to be worth 300 trillion soon. This gives Everlodge a massive market to take, and metrics are in line with this reality. So far, Everlodge hit a 170% rise and will reach 280% by the end of the presale. Analysts also expect a 30x surge at the launch date.
Get Everlodge before the presale ends, as this is the only time you can get it so cheap!
