TRON, Tether, and TRM Labs have launched the T3 Financial Crime Unit to collaborate on combating illicit activity related to USDT on the TRON blockchain.

Blockchain network TRON, stablecoin issuer Tether, and blockchain forensic firm TRM Labs have joined forces to form the T3 Financial Crime Unit. This alliance focuses on curbing illicit activity tied to Tether (USDT) on the TRON blockchain.

With the latest initiative, the T3 FCU aims to disrupt malicious activities by leveraging data, technology, and deep collaboration with law enforcement. As of August, TRON hosts over 240 million user accounts and processes more than 8.4 billion transactions, according to data from TRONScan.

However, the same features that make USDT on TRON appealing to legitimate users—low fees, stability, and ease of use—have also attracted terrorists, money launderers, and scammers. Data from TRM Labs’ “Illicit Crypto Economy” report shows that USDT accounted for over $19 billion in illicit funds, surpassing other stablecoins.

TRM Labs noted that USDT has “cemented its position as the currency of choice for use by terrorist financing entities.” In comparison, USD Coin (USDC) only recorded $428.9 million in illicit volume. TRM Labs’ research also revealed that TRON facilitated 45% of all illicit crypto transactions in 2023, up from 41% the previous year. In contrast, Ethereum and Bitcoin accounted for 24% and 18%, respectively.

The T3 initiative has already proven effective, freezing over $12 million in USDT linked to scams such as blackmail and fraud schemes. So far, 11 victims have been identified, with more expected as investigations progress. Chris Janczewski, TRM’s head of global investigations, emphasized the importance of global collaboration. He stated that the effort has involved agencies in the U.K., U.S., and Australia to disrupt illicit activities.

For more updates on TRON, Tether, and other cryptocurrency news, stay tuned to Global Crypto News.

Post Views: 9