Cointime

Cointime

Download App
iOS & Android

Tether, INHOPE Collaborate to Combat CSAM in Web3

Validated Media

Tether is first cryptocurrency to take a stand with INHOPE against CSAM January 26th, 2023 — Tether Operations Limited (Tether), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, announced today that they will collaborate with INHOPE, the leading global network combatting online Child Sexual Abuse Material (CSAM).Tether will work with INHOPE to share information, facilitate conversations between stakeholders, and take action to drive bad actors out of the crypto ecosystem. Tether is the first cryptocurrency to take a stand with INHOPE against CSAM.

An industry leader in transparency and in constant cooperation with law enforcement, Tether will work with INHOPE to increase the awareness of the risks of online CSAM marketplaces in respect of cryptocurrencies. It hopes to set a precedent for the industry as a whole and develop a standard practice for how cryptocurrency businesses can more easily identify and report CSAM marketplaces.

“Working alongside law enforcement, financial intelligence units, lawmakers and standard-setting bodies worldwide, Tether is committed to being a positive force in the crypto space by highlighting the risks of child exploitation and to help organise sensible risk mitigating controls in the cryptocurrency industry. 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.” - said Paolo Ardoino, CTO at Tether

As a network made up of hotlines that operate in all EU member states, Russia, South Africa, North & South America, Asia, Australia and New Zealand, INHOPE has been in the fight for an internet free of child abuse since 1999. INHOPE began discussions with Tether at their INHOPE Summit in 2022, during an open and honest discussion of the essential role of industry in tackling online CSAM.

“We are excited to announce this relationship and welcome Tether as an INHOPE funder. Tether’s active approach to working with industry, NGOs, law enforcement and national financial intelligence units supports our goal to improve the detection and reporting of cryptocurrency transfers related to CSAM. INHOPE and Tether both want to disrupt the illegal use of digital finance to fund the exchange of child sexual exploitation (CSE) and child sexual abuse (CSA) materials."

"Criminals exchanging online CSA and CSE materials in financial transactions are sadly found on every technology platform today. 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. To respond to this need, Tether is aware that they and other companies in the same industry must be part of this fight, especially where CSE and CSA materials are traded with cryptocurrencies. By supporting INHOPE’s work Tether is leading the way in prioritising child protection.” - Samantha Woolfe, Head of Global Partnerships and Network Expansion at INHOPE

Similar to traditional financial institutions, Tether applies anti-money laundering and counter terrorist financing processes to prevent its platform from being used for financial crimes. However Tether recognizes that improved risk mitigation strategies to combat the proliferation of CSAM using cryptocurrencies is needed to help rescue victims, prevent new cases and to prosecute criminals.

In order to disrupt the increasing use of digital transactions to exchange CSE and CSA materials, INHOPE invites its partners to collaborate on best processes to disrupt financial transactions so that online platforms, crypto, law enforcement and hotlines can coordinate.

This year, INHOPE will create a forum for cryptocurrency exchange collaboration and action to combat CSAM transactions. This forum will also provide invaluable insight to the INHOPE network of member hotlines as they learn how they can support, disrupt and mitigate more risk of financial transactions of the exchange of crypto-enabled CSAM taking place.

Read more: https://tether.to/en/tether-inhope-collaborate-to-combat-csam-in-web3/

Tether Web3
Comments

All Comments

Recommended for you

  • A whale sold 224 WBTC worth $14.4 million in the past three hours

    According to on-chain analyst @ai_9684xtpa, address 0x486...1505e sold 224 WBTC tokens worth $14.4 million through Cowswap in the past three hours, making a profit of $830,000 (selling at an average price of $64,203). The seller had bought 371 WBTC tokens at an average price of $60,504 between November 2023 and April 2024, and still holds 280 WBTC tokens.

  • CryptoQuant CEO: BTC needs to remain above $80,000 for miners to remain profitable after halving

    Bitcoin mining revenue significantly decreased in May due to the impact of the fourth Bitcoin halving event. On May 1st, the total revenue from block rewards and transaction fees reached a new low of only $26.3 million.CryptoQuant CEO Ki Young Ju calculated that, based on current conditions, Bitcoin needs to stay above $80,000 for miners to remain profitable after the halving. However, most miners have taken proactive measures to upgrade their mining equipment to lower long-term operating costs and remain competitive.

  • BTC returns to above 65,000 USDT, up 2.08% in 24 hours

    OKX market shows that BTC has returned to above 65000 USDT, now reporting 65102 USDT, with a 24-hour increase of 2.08%.

  • Hundre Finance attackers have withdrawn 162.2 ETH worth of crypto assets from Curve

    According to PeckShield monitoring, the attacker of Hundre Finance withdrew 784,000 3Crv from Curve and exchanged it for 273 ETH. In addition, they also exchanged 305.6 WOO, 39 PAXG, 200,000 FRAX, and 100,000 DAI, totaling 162.2 ETH. The attacker then bridged 1,034 ETH (2.17 million USD), 842.8K DAI, 1.11 million USDT, 1.27 million USDC, and 457.3 FRAX from Optimism to Ethereum. They also exchanged a total of 480,000 USDC for 142.6 WETH, 306 WOO, and 39 PAXG. They also exchanged 1.11 million USDT for 500.3 thousand USD worth of DAI and 613.8 thousand USD worth of FRAX. Additionally, on April 15, 2023, approximately 786,000 USD worth of USDC was added to Curve3Pool.

  • LayerZero co-founder: "Self-reporting of witch activities" is not aimed at individuals, but at industrial witch studios

    Bryan Pellegrino, co-founder and CEO of LayerZero, stated on social media that the "Self-Report Sybil Activity" is not targeting individual users, but rather large industrial witch farms (studios).Earlier, LayerZero Labs launched the "Self-Report Sybil Activity" plan, which allows witch addresses to self-report related addresses on a designated page and receive an expected allocation of 15%, without answering any questions. The deadline is May 17th, 19:59:59.

  • Argentina’s House of Representatives Passes Bill to Regularize Cryptocurrency Taxation

    The Argentine Chamber of Deputies has passed a cryptocurrency tax normalization bill aimed at advancing a series of important government reforms. The bill introduces the possibility of regularizing previously undeclared cryptocurrency assets, up to a maximum of $100,000, without paying government collection fees. However, if the value of cryptocurrency assets exceeds this limit, the government will apply preferential tax rates based on the taxpayer's declaration date.

  • GNUS on Fantom was attacked, with a loss of about $1.27 million

    According to Beosin's monitoring, GNUS on Fantom was attacked, resulting in a loss of approximately $1.27 million. GNUS stated on the X platform that due to recent vulnerabilities, hackers were able to mint fake GNUS tokens on Fantom, transfer them to Ethereum and Polygon through the Axelar Bridge, and sell them to existing liquidity pools. We will take a snapshot of the blocks before the exploit. To ensure fairness, please do not purchase GNUS tokens after the exploit, as we will issue new tokens.

  • Pandu Financial Group received the first round of strategic equity investment of tens of millions of Hong Kong dollars, led by Longling Capital

    Pando Financial Group announced it has received tens of millions of Hong Kong dollars in strategic equity investment led by Longling Investment. Pando Financial Group stated that it plans to use the newly injected funds for key growth areas, including market expansion, innovative product development, key talent recruitment, and technology upgrades, aiming to accelerate the layout of opportunities in the era of virtual assets through these strategic initiatives. Currently, the group's asset management scale has reached $500 million. Pando Asset, a subsidiary of Pando Financial Group, established its headquarters in Zurich in 2022 and issued the Pando 6 spot virtual asset fund (Bitcoin/Ethereum spot ETPs) on the Swiss Exchange. Another subsidiary of Pando Financial Group, Pando Limited, obtained licenses from the Securities and Futures Commission in Hong Kong, including Type 1 (securities trading), Type 4 (advising on securities), and Type 9 (asset management), as well as public fund qualifications, and was approved to manage investment portfolios with more than 10% invested in virtual assets and issued several excellent performance actively managed ETF products.

  • Barcelona-based Web3 Video Games Startup GFAL Raises $3.2M in Seed Funding to Expand Team and Accelerate Production Plans

    Barcelona-based startup GFAL has secured $3.2 million in seed funding from investors including Supercell Ltd and Mitch Lasky. The company plans to use the funds to expand its team and accelerate its game production plans, which leverage AI and Web3 technology for immersive gameplay. GFAL's Elemental Raiders mobile game soft-launched in March 2023, with plans to build on this for a 2024 launch. CEO Manel Sort expressed gratitude for the investment and excitement to work with former colleagues from Digital Chocolate.

  • Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference, suggested that Hong Kong refer to IPO to provide innovative financing models for Web3

    Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference and a member of the Hong Kong Legislative Council, wrote an article in the Hong Kong Wen Wei Po titled "Leading the Digital Economy by Adapting to the Web3 Trend". The article pointed out that developing Web3+ has both advantages and new challenges. The Hong Kong government has taken an important step in the direction of developing Web3 and the digital economy by formulating a short- to medium-term strategic development blueprint, ensuring that policies and resources are in place, and promoting the construction of Web3+ application scenarios. Focusing on Web3, establishing an international innovation financing platform can not only help Hong Kong leverage its traditional financial advantages, but also help it become a global digital technology center. It is suggested to refer to the mature mode of existing enterprises' IPOs in Hong Kong, provide an innovative financing model for Web3, and create a market trend and service competitive advantage to promote the development of the industry and attract upstream and downstream of the industry chain at home and abroad to gather in Hong Kong.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company