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How much do you know about the black U on the chain? (via CoinsRadar.net):
Recently, a friend of mine who was doing foreign trade orders knew that I had been in the currency circle for a long time. He called me for help: He said that he had an asset worth hundreds of thousands of dollars in his wallet and he couldn't transfer it out.
My friend used to do overseas orders, cross-border settlement, customs declaration, and currency exchange. In one cycle, he couldn't get money within ten days and a half. With the popularization and application of blockchain technology, many peers have adopted USDT settlement. Whether it is a deposit or a contract payment, it is received in minutes, and then the financial officer can cash it out on the exchange, greatly improving the utilization rate of funds.
The buddies couldn’t help but sigh: Technology changes life!
He is not a fan of blockchain, and he only knows simple collection and transfer. He didn't encounter any problems before, but this time he was panicked when he couldn't transfer money after receiving the U. I checked on the OK LINK chain and found that he had indeed received a black U, and his address had been marked and frozen by TEDA.
The buddy looked confused: There is black money in money, how come there is also black money in U? Isn’t USDT a blockchain stablecoin? Isn’t it decentralized? How could it be frozen?
Funds involved in illegal crimes such as money laundering, gambling, drugs, and electronic fraud are called black money and will be frozen by banks or judicial agencies. In the same way, the on-chain cryptocurrency USDT involved in such black and gray assets and stolen by hackers is called black U.
Although USDT is a cryptocurrency that uses decentralized blockchain technology and runs on the chain, USDT is centralized! Yes, you heard it right. Presumably many veterans in the industry are also confused!
The issuer of USDT is Tether, a private company. The total amount of stablecoins anchored to the U.S. dollar at 1:1 is nearly 100 billion U.S. dollars currently issued on various public chains. It is known as the "Federal Reserve Bank of the Currency Circle" and has the following advantages: stable price, best settlement properties, and a wide range of application scenarios.
The liquidity is very good. There are more than 50 billion US dollars circulating on the TRON chain alone. The infrastructure and support ecosystem are more complete, making USDT’s head effect more prominent and users’ use path dependent. The handling fee is low. Due to the emergence of TRON, BNB, and some new Lay2 public chains. However, due to the large number and high frequency of transfers in Heihuishan, they are very sensitive to handling fees, so U has become the first choice.
Historically, the right to mint any national currency has been in the hands of the central government and is sacred and inviolable. So why does the United States tolerate a private company issuing a digital dollar? Where is the hegemony of the US dollar?
The core reason is that TEDA is centralized and easy to handle. It has both monks and temples, so you can get it right once you catch it. Whenever I want to eat meat, I can just hold out my hand, why don’t you obediently offer it to me? Tornado Cash, known as the currency mixing artifact, is completely decentralized, running only on a set of code smart contracts. However, the United States accuses it of laundering more than $7 billion worth of money since its creation in 2019, including more than $455 million of North Korean hacker group crypto assets. The founder was brazenly arrested, and GitHub removed its contract code. TEDA must be shivering in the wind!
Only the digital dollar can better cooperate with the hegemony of the US dollar and harvest the world.
With the passage of the Bitcoin ETF, the influence and penetration of cryptocurrency has further expanded. Conservatively speaking, there are currently nearly 400 million crypto asset users in the world, and there are more than 200 million in Asia and our village alone. It is expected that the next bull market will , global encryption users will reach 1 billion. If so many people have USDT dollar coins in their wallet addresses, it all depends on their mood when the American sickle falls.
Let me tell you another fact:
Currently, the USDT chain has the largest number of frozen assets!
As long as the judicial agencies of various sovereign governments issue freezing orders, TEDA will fully cooperate and even directly transfer the corresponding funds to the relevant sovereign governments! If our bank card is frozen, we can also call the bank, contact relevant agencies to submit materials, and cooperate with the investigation to prove our innocence, thereby avoiding asset losses. Then if you guys are really careless and the encrypted address is contaminated and the U is frozen, you have no way to appeal, so you can only admit your loss with tears.
Cryptocurrency is not protected by the police. The domestic policy is:
Allowed to hold at your own risk, restricted trading, prohibited from operating!
Mixing in the currency circle:
We must guard against cuts, thefts, frauds, losses, and hackers. Those who successfully landed are those who have experienced ninety-nine and eighty-one hardships and become the thick-skinned and thick-bodied people they are today. As the Chinese New Year is approaching, I would like to give some advice to all of you, and use your skills to keep yourself safe.
Do not trade in high-anonymity scenarios, such as overseas communities.
Don't buy floating U for cheap. Try to buy at the top centralized exchanges. All major exchanges have KYC (Know Your Customer) and KYT (Know Your Transaction) systems. The possibility of hacking is very small. You can first ask the other party to provide the transfer address, and use the tools of KYT service providers such as SlowMist and OKLink. They can provide real-time blockchain transaction monitoring and risk assessment to help see whether the other party's address has been tagged and the other party's transaction records.

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