As a seasoned crypto investor with over two decades of experience in the industry, I can confidently say that this latest collaboration between TRON, Tether, and TRM Labs is a game-changer in the fight against financial crimes. Having witnessed the rapid growth and adoption of cryptocurrencies, I’ve also seen firsthand the dark side of our beloved digital assets – from scams to terrorism financing.
TRON, Tether, and TRM Labs have teamed up to establish the T3 Financial Crime Unit, which will work together to address illegal activities associated with USDT transactions on the TRON blockchain.
Partnership between the blockchain network TRON, stablecoin issuer Tether, and blockchain forensic company TRM Labs has been established, named the T3 Financial Crime Unit. This alliance aims to combat illegal activities linked to USDT on the TRON blockchain.
Today, TRON, Tether, and TRM Labs have united to create the T3 Financial Crime Unit – an innovative venture that fosters cooperation between public and private sectors to tackle illegal activities linked to USDT usage on the TRON blockchain. This pioneering initiative aims to combat such illicit activity.
— TRON DAO (@trondao) September 10, 2024
Under its new strategy, T3 FCU intends to combat harmful actions through the strategic use of information, technology, and strong partnerships with law enforcement agencies. By August, TRON boasted over 240 million user accounts and handled over 8.4 billion transactions, according to data from TRONScan.
Yet, it’s these very characteristics – low costs, stability, and user-friendliness – that draw legitimate users to USDT on TRON. Regrettably, these same attributes have also piqued the interest of criminal elements such as terrorists, money launderers, and fraudsters. According to a report by TRM Labs titled “Illicit Crypto Economy,” USDT accounted for approximately $19 billion in illicit funds, outstripping other stablecoins in this regard.
According to TRM Labs, USDT has solidified its role as the preferred currency for entities involved in terrorist financing, with only USD Coin (USDC) reporting $428.9 million in illicit activities. Interestingly, TRM Labs’ findings indicate that TRON handled about 45% of all illegal crypto transactions in 2023, an increase from the previous year’s 41%. In comparison, Ethereum and Bitcoin accounted for approximately 24% and 18%, respectively.
The T3 initiative has demonstrated its effectiveness, having frozen approximately $12 million worth of USDT associated with schemes like extortion and fraud. To date, 11 victims have been identified, and this number is expected to grow as investigations continue. Chris Janczewski, the head of global investigations at TRM, underscored the significance of international cooperation in his remarks to Forbes. He noted that the initiative has brought together agencies from the U.K., the U.S., and Australia to thwart illegal activities.
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2024-09-10 13:44