- Tether, TRON, and TRM Labs formed the T3 Financial Crime Unit to fight illegal crypto activities involving USDT on the TRON blockchain.
- The unit has already frozen over $12 million USDT linked to criminal schemes like blackmail and fraud.
- TRON holds over 50% of USDT supply, making it a target for illicit activities due to its efficient transactions.
Tether, TRON and TRM Labs have recently joined forces in the T3 Financial Crime Unit (T3 FCU), a project meant to tackle illegal crypto activity with the use of USDT on the TRON blockchain. Such joint action aims to narrow the gap between the public sector and the private sector in combating financial crime in the cryptocurrency ecosystem.
The blog post states that the collaboration consists of TRM Labs’s blockchain intelligence technical expertise, the technical prowess of TRON and the investigations team of Tether, thus forming a strong front against illicit activities.
The T3 FCU which has just been founded has already achieved remarkable results by engaging with law enforcement to freeze more than $12 million USDT that was connected to different criminal schemes such as blackmail and investment fraud. Police have recognized 11 victims up until now, and there is every possibility of overhauling that number in due course as investigations carry on.
Stablecoins, including USDT, with its $117 billion market cap, are essential in the digital asset world, especially for liquidity management and quick transaction turnaround. TRON has become a leader in USDT’s supply as over 50% of it is on its blockchain, making it suitable for efficient and low-cost transactions. Nevertheless, these same features are behind the rise in criminal elements.
TRM Labs and Tether Strengthen Crypto Crime Prevention
The creation of the T3 FCU, a new technology based on the Trust decentralized identity protocol, is a major move to prevent TRON from being exploited by threat actors. By means of TRM Labs’ expertise in blockchain intelligence and the global network of its investigators, the unit will be concentrating on detecting illegal activities like terrorism financing, sanctions evasion, and cybercrime, disrupting criminal operations, and assisting law enforcement.
Justin Sun, founder of TRON, mentioned the project as an important way to make sure that blockchain is utilized for good purposes. Likewise, Paolo Ardoino, CEO of Tether, pointed out the company’s commitment to keeping the crypto asset space stable and secure.
Paolo Ardoino said:
We’re proud to have worked with TRM Labs and TRON in this pioneering effort. This collaboration underscores our dedication to joining with industry leaders and law enforcement to combat illicit activity, ensuring a secure environment for all users.
TRM Labs’ Chris Janczewski also stated that the right direction must be taken as the use of stablecoins increases, and he mentioned the role of industry leaders in making the crypto space safer. Despite that, this collective effort is a manifestation of a coordinated strategy to solve the problem of crime in the blockchain sector, thus ensuring security and trust not only on the TRON network but also beyond.
Related Reading | Bittensor (TAO) Targets $482 as Inverse Head & Shoulders Pattern Takes Shape
