Tether, TRON, and TRM Labs Launch T3 Unit to Combat USDT Fraud
- Tether, TRON, and TRM Labs have established the T3 Financial Crime Unit (T3 FCU) to tackle illicit activities related to USDT on the TRON blockchain.
- The T3 FCU has successfully facilitated the freezing of over $12 million in USDT funds linked to illicit activities.
As crypto scams increase in 2024, TRON, the decentralized blockchain platform, Tether, the issuer of the USDT stablecoin, and TRM Labs, a leading blockchain intelligence firm, have teamed up to launch the T3 Financial Crime Unit (T3 FCU). This new partnership is all about cracking down on illegal activities related to USDT on the TRON blockchain.
#TRON, @Tether_to, and @trmlabs today announced we have joined forces to establish the T3 Financial Crime Unit, a first-of-its-kind initiative aimed at facilitating public-private collaboration to combat illicit activity associated with the use of USDT on the TRON blockchain. pic.twitter.com/156pMChPra
TRON DAO (@trondao) September 10, 2024
Stablecoins like USDT and USDC play a crucial role in the crypto market by providing the liquidity needed for various transactions. However, their popularity and large market cap, with a significant portion running on TRON, have also attracted bad actors. The T3 FCU is set to use advanced technology and collaborate closely with law enforcement to tackle these illicit issues head-on.
New Initiatives Tackles Rising USDT Illicit Activity
TRM Labs, known for its expertise in blockchain intelligence, has been actively monitoring illicit activities on TRON since 2019. This new collaboration will enhance their efforts. TRON currently supports over 247 million user accounts and processes more than 8 billion transactions, according to TRONScan.
Despite its advantages, USDT on TRON has attracted malicious actors, including terrorists and money launderers. According to the TRM Labs recent report, USDT had the highest volume of illicit transactions among stablecoins in 2023, totaling $19.3 billion, or 1.63%, surpassing other stablecoins like USDC.
However, this T3 initiative was launched in July in response to increasing risks in the crypto space. The T3 FCUs unit has already helped freeze over $12 million in USDT linked to scams across three continents. So far, they have identified 11 victims, with more expected as investigations continue.
Recently, Tether also assisted law enforcement in recovering over $108.8 million in illicit USDT. This funds ties back to various illegal activities.
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Read more: https://thenewscrypto.com/tether-tron-and-trm-labs-launch-t3-unit-to-combat-usdt-fraud/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
