The world’s biggest stablecoin, tether, saw more than $10 billion in redemptions in May, fueling fears of a 2008-style “bank run.”
Justin Tallis | AFP via Getty Images
Tether froze 32 virtual wallets linked to crypto-funded terrorism and warfare in Israel and Ukraine, according to a media release published Monday.
Tether, which issues the world’s largest stablecoin of the same name, says it has been collaborating with the National Bureau for Counter Terror Financing of Israel in its efforts. The collective value of the frozen addresses is $873,118.34.
Tether’s U.S. dollar-pegged stablecoin, dubbed tether or USDT, has a market cap of $83.5 billion and offers dollar exposure to those in many markets across the world who wouldn’t otherwise have access. The company has also battled troubling allegations of wrongdoing for years with Tether’s business practices having been called into question, as well as the state of its reserves.
Tether’s newly named CEO, Paolo Ardoino, said in a statement, “Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the most traceable and trackable assets. Every transaction is recorded on the blockchain, making it feasible for anyone to trace fund movements. Consequently, criminals foolish enough to employ cryptocurrencies for illegal activities will inevitably be identified.”
Tether has periodically frozen and returned stolen funds to rightful holders. The company says it has helped 31 agencies across 19 global jurisdictions to freeze $835 million in assets connected to crime. Also, in November 2022, the company complied with a request by law enforcement to freeze $46 million worth of USDT belonging to bankrupt crypto exchange FTX.
“Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime,” continued Ardoino.
“We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity.”
In case you needed another reason to feel jealous of Chinese car enthusiasts, the Chery Exeed VX C-DM three-row SUV is officially available for pre-order with 610 hp, 1,300 km (over 800 miles) of EREV range, and a starting price of $33,085 US.
State-owned Chinese automaker Chery recently launched the Exeed luxury brand, with its latest model, the Exeed VX C-DM plugin, making its international debut in Saudi Arabia February 23. At the same time, Chery opened the order books on the Exeed in China under the Exeed Lanyue C-DM name. And it is, in a word: impressive.
It’s really nice, you guys
Exeed VX; via Chery.
Dubbed “the land business jet” on Exeed’s website, the Exeed VX C-DM pairs a 1.5L range-extending ICE motor with a three-speed DHT gearbox that integrates with a 165 kW e-motor. A second 175 kW electric motor sits in the rear axle, giving the big, seven-passenger SUV a combined peak power output of 455 kW (about 610 hp) and 920 Nm (nearly 680 lb-ft) of torque. That’s enough to rocket the big SUV from 0-60 mph in less than 5.0 seconds.
In addition to that power and performance Exeed VX C-DM buyers also get a high-end interior with quilted leather, massaging front seats, slick infotainment screens, panoramic glass roof, a 23-speaker Lion Melody sound system, and LED mood lighting. That high-tech interior sets the stage for more high-tech baubles, like 26 ADAS functions that include self-driving features, an SDG system to reduce collisions, a 540-degree (?) camera for easy parking.
That ADA system combines with a “high-performance integrated cage body” and 10 driver and passenger airbags to deliver a 5 Star C-NCAP crash test rating.
And, yes – al that goodness starts at the equivalent of just 239,900 yuan ($33,085 US) in China.
With revenue tumbling almost as fast as market share, Tesla stock is taking a pounding – exactly like CEO Elon Musk predicted! We’ve also got FSD rolling out in China, a German automation acquisition, and more on today’s red candlestick edition of Quick Charge!
We’ve also got some clarifying news at Mercedes-Benz, which is set to ditch its confusing EQ-based model alphanumerics and (God willing) their suppository-based styling language, too. Plus, Rivian launches a new upfit service to make it easier for fleet managers to order ready-to-work EVs, Ram ProMaster EV lives up to its promises with more options and a lower price tag, and a big solar deal goes down.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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Lennox Residential HVAC has launched an extreme cold climate heat pump that warms a house with low global warming potential (GWP) refrigerant in temperatures as low as -20F.
In 2022, Lennox was the first company to complete the first phase of the US Department of Energy’s (DOE) Residential Cold Climate Heat Pump (CCHP) Technology Challenge, and the SL22KLV is a souped up version of the unit developed for that challenge.
The heat pump, which pairs with a smart thermostat, uses a variable-speed compressor with Electronic Refrigerant Injection (ERI) to adjust the energy usage based on the outside temperature, which helps to lower energy costs. When the temperature drops, the ERI increases heating output efficiently.
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The SL22KLV has efficiency ratings of up to 21.10 for Seasonal Energy Efficiency Ratio 2 (SEER2), 13.2 for Energy Efficiency Ratio 2 (EER2), and 10.50 for Heating Seasonal Performance Factor 2 (HSPF2). It also features a precision-balanced, direct-drive fan and sound-dampening system for ultra-quiet operation as low as 58 decibels.
The heating capacity is between 21,600 Btuh and 60,000 Btuh, and the cooling capacity is between 22,000 Btuh and 56,000 Btuh.
Lennox’s new extreme cold heat pump uses the low global warming potential R-454B refrigerant, reducing environmental impact without compromising performance. It’s also eligible for the Energy Efficient Home Improvement Credit, a federal IRA tax credit for homeowners (and it’s still in place). There may also be other local utility and state incentives for installing a heat pump, so it’s definitely worth checking. It’s now available for order through local Lennox dealers.
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