According to data from TRM Labs, TRON accounted for 45% of all illicit volume in 2023, making it a hotspot for “dirty crypto” activities. This blockchain network, founded by Justin Sun, saw an increase from 41% in 2022, with Ethereum at 24% and Bitcoin at 18%. Tether (USDT) emerged as the stablecoin with the highest illicit volume, with over $19 billion in illicit funds compared to USD Coin (USDC) at $428.9 million.

TRM Labs also found that TRON is a preferred network for hackers associated with North Korea, who exchange stolen funds for USDT and then convert them to fiat currency through OTC brokers. Despite these concerning trends, there has been a decline in hacked and sanctions-exposed funds, attributed to increased pressure from governments and law enforcement agencies globally.

Tether has been actively working to combat money laundering and terrorism financing by implementing KYC procedures and ensuring regulatory compliance. The company’s efforts have been recognized by the IRS, FinCEN, and various law enforcement agencies, leading to the freezing of multiple crypto wallets.

In conclusion, the data highlights the ongoing challenges of illicit activities in the cryptocurrency space, with TRON and Tether being major players in this dynamic field. It is crucial for investors and users to stay informed and vigilant to protect themselves from potential risks in the crypto market.

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