Paxos Has Complied With the Request Made By The United States Law Enforcement To Freeze 11,184 PAXG
On November 12, 2022, Paxos provided an update to the general public in which the company detailed that it had frozen 11,184.38 pax gold (PAXG) tokens that were held on the FTX platform. Ben Gray, who serves as the worldwide general counsel for Paxos, authored this update. The PAXG digital token is the most valuable tokenized gold coin in terms of market capitalization. It is backed by one ounce of.999 fine gold at a ratio of 1:1, and it is a cryptocurrency.

According to the information provided in the blog post written by Gray, "earlier today, Paxos received direction from U.S. federal law enforcement to freeze Paxos-issued assets associated with four ethereum addresses." Paxos froze 11,184,38 PAXG tokens, which have a combined value of around $19 million, in order to comply with the request. These tokens have been on the FTX.com platform in the past, but within the past twenty-four hours, they had migrated to wallet addresses that were unknown.

The following four addresses will show you where you can find the PAXG tokens that were frozen by Paxos:

Following in the footsteps of Tether, which also froze 46 million USDT from FTX at the behest of law enforcement officials, Paxos froze its accounts. Bitcoin.com News was informed by a representative of the Tether company that the organization "can confirm on the background that a freeze occurred." After the latest update on the PAXG freeze and the dissemination of the addresses, Gray also stated that the company was working with the relevant authorities and regulators in the United States.

"This is an issue that is rapidly evolving," the Paxos CEO explained in detail. "It is our intention to offer updates as necessary and appropriate as more information becomes available. Paxos is committed to maintaining its close collaboration with the regulatory bodies and law enforcement agencies. We would like to express our gratitude to federal law enforcement for their quick and effective response to this matter.