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Tether Takes Action to Battle Against Child Abuse Material

Tether Takes Action to Battle Against Child Abuse Material

Tether is now joining forces with INHOPE to battle against child abuse content in Web3 marketplaces.

Tether, a leading stablecoin, Tether (USDT), operator, announced on January 26th, 2023, that it will be collaborating with INHOPE, a global network fighting against online child sexual abuse material (CSAM). 

The collaboration endeavors to enhance the oversight and transparency of digital currency transactions utilized in online marketplaces that sell child exploitation material.

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Further, both parties can identify and report these underground marketplaces.

According to the official announcement, Tether's CTO, Paolo Ardoino, stated that the company is working with law enforcement globally to establish "sensible risk-mitigating controls." He added:

We are especially interested in improving the ability of cryptocurrency businesses to identify transfers related to online CSAM marketplaces and report them to the authorities.

INHOPE, which has been operating since 1999, has a network of communication hotlines in various regions around the world, including all European Union member states, Russia, South Africa, North and South America, Asia, Australia and New Zealand.

Representatives from both Tether and INHOPE state that this partnership is driven by a desire to disrupt the illegal use of cryptocurrencies. 

A statement from Samantha Woolfe, global partnerships head at INHOPE, highlights the fact that these marketplaces make use of every payment technology available. Inherently, this calls for more collaboration between private and public sector organizations.

Cryptocurrency exchange companies, hotlines and law enforcement need to seek more solutions to fight CSAM by sharing critical information and actionable intelligence with increased efficiency. 

In other related news, Tether says that its decision to eliminate security loans shows the company's commitment to its customers.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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