Mary participated in P2P Bitcoin trading with a group of international investors. Afterward, she transferred the traded Bitcoin to her Binance account, converted it to USDT for profit-sharing and further transactions. However, she soon found her Binance account, along with all withdrawal addresses associated with the transactions, frozen.
Binance failed to provide a clear reason for the account freeze for several months. Later, Mary discovered that one of the [specific] traders involved in the P2P transaction might be the root of the issue.
Among the frozen addresses, she sought assistance regarding address 0x9adc15ff2a0906531a5a58801589ae8c9e3d3227 from TETHER. However, TETHER only directed her to liaise directly with the Philippine police.
The core issue lies in the Philippine police blacklisting multiple withdrawal addresses obtained from Binance without concrete evidence or clear documentation. For some unknown reason, the police have delayed responses without justification, leaving the matter unresolved for over five months.
Through interviews with the investors involved, Mary confirmed that the P2P participants were individuals from South Korea, the Philippines, Ukraine, and Japan. They all expressed deep concerns about the corruption and inefficiency of the Philippine police in addressing the matter. Moreover, during the investigative process, no formal response was received from the Philippine authorities, leaving many affected individuals facing prolonged financial challenges.
While companies like TETHER cooperating with international law enforcement agencies to prevent crime is commendable, problems arise when law enforcement in corrupt environments does not operate under the same standards as in more developed nations. In cases like this, where there is a lack of clear evidence and no specific perpetrator has been identified, long delays in resolving the issue are inappropriate and harmful.
As the cryptocurrency market continues to grow, there is an urgent need for clear legal frameworks and systematic solutions to protect victims of such incidents.
