• Tether is collaborating with INHOPE to help the industry combat child abuse material marketplaces.
• The collaboration aims to develop a standard practice for the cryptocurrency industry to identify and report these underground marketplaces.
• INHOPE has a network of communication hotlines across Europe, Russia, South Africa, North and South America, Asia, Australia and New Zealand.
Tether, the world’s leading stablecoin provider, has announced a collaboration with INHOPE, a global network combating online child sexual abuse material (CSAM). The partnership is intended to increase visibility and mitigate controls of cryptocurrency payments used in child abuse content marketplaces.
The collaboration will help the industry to combat child abuse material marketplaces. Through the partnership, Tether and INHOPE will share information, collaborate with stakeholders and enforce actions on bad actors from the cryptocurrency ecosystem. The goal of the collaboration is to develop a standard practice for the cryptocurrency industry to identify and report these underground marketplaces.
Tether’s Chief Technology Officer, Paolo Ardoino, said that the company is working alongside law enforcement, financial intelligence units, lawmakers and standard-setting bodies globally to establish “sensible risk-mitigating controls.” He added that Tether is especially interested in improving the ability of cryptocurrency businesses to identify transfers related to online CSAM marketplaces and report them to the authorities.
INHOPE is a global network that has been operating since 1999. The network has a system of communication hotlines across Europe, Russia, South Africa, North and South America, Asia, Australia and New Zealand. The hotlines allow concerned citizens and law enforcement authorities to report online incidents of child abuse. INHOPE also works with online service providers and policy makers to help them to identify and remove child abuse content from their services.
The partnership between Tether and INHOPE is yet another example of the cryptocurrency industry’s commitment to combatting online child abuse. The collaboration aims to increase the visibility of cryptocurrency payments used in child abuse content marketplaces, allowing law enforcement agencies to better track and investigate these marketplaces. The companies hope that their collaboration will help to prevent and reduce the prevalence of online child abuse.