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Tether, TRON and TRM Labs have established the T3 Financial Crime Unit (T3 FCU) alliance to combat financial crime. It will focus on curbing the illegal use of USDT on the TRON blockchain.
The latter accounts for 60.78 billion tokens out of the 118.37 billion in circulation with a share of 51.34%, according to the stablecoin issuer's website.
The initiative involves cooperation between the public and private sectors in order to improve the security and reliability of the digital asset industry.
T3 FCU combines TRM Labs' financial crime expertise, TRON's technical competencies, and Tether's external investigations team.
The members of the alliance noted that as the TRON blockchain and the number of its users become popular, its undesirable susceptibility to the influence of criminal elements is also growing.
The creation of the T3 FCU will limit the ability of attackers to launder and use the proceeds they generate, ensuring the integrity of the TRON blockchain.
As part of the collaboration, TRM Labs will provide ongoing support in identifying transactions related to suspected illegal activities such as terrorism, sanctions evasion, cybercrime and fraud. The firm leverages technology and a global network of expert investigators to provide operational insights.
Within a few weeks after the launch, the alliance managed to freeze funds in the amount of over $12 million in cases related, among other things, to extortion and investment fraud.
In 2023, the Tron blockchain accounted for $19.3 billion of the total volume of illegal transactions in cryptocurrencies of $35 billion (45%), according to TRM Labs.
In January, experts from the UN Office on Drugs and Crime noted the growing popularity of USDT as a tool for money laundering.
Answers for the organization were published by both the Tron team led by Sun and the issuer of the Tether coin.
Recall that in August, the latter announced the return of over $108.8 million in USDT since its launch in 2014 as part of investigations by 145 law enforcement agencies in 40 jurisdictions.
The latter accounts for 60.78 billion tokens out of the 118.37 billion in circulation with a share of 51.34%, according to the stablecoin issuer's website.
The initiative involves cooperation between the public and private sectors in order to improve the security and reliability of the digital asset industry.
T3 FCU combines TRM Labs' financial crime expertise, TRON's technical competencies, and Tether's external investigations team.
The members of the alliance noted that as the TRON blockchain and the number of its users become popular, its undesirable susceptibility to the influence of criminal elements is also growing.
The creation of the T3 FCU will limit the ability of attackers to launder and use the proceeds they generate, ensuring the integrity of the TRON blockchain.
As part of the collaboration, TRM Labs will provide ongoing support in identifying transactions related to suspected illegal activities such as terrorism, sanctions evasion, cybercrime and fraud. The firm leverages technology and a global network of expert investigators to provide operational insights.
Within a few weeks after the launch, the alliance managed to freeze funds in the amount of over $12 million in cases related, among other things, to extortion and investment fraud.
In 2023, the Tron blockchain accounted for $19.3 billion of the total volume of illegal transactions in cryptocurrencies of $35 billion (45%), according to TRM Labs.
In January, experts from the UN Office on Drugs and Crime noted the growing popularity of USDT as a tool for money laundering.
Answers for the organization were published by both the Tron team led by Sun and the issuer of the Tether coin.
Recall that in August, the latter announced the return of over $108.8 million in USDT since its launch in 2014 as part of investigations by 145 law enforcement agencies in 40 jurisdictions.
