TRON Joins Forces With TRM Labs To Monitor USDT Transactions
- TRON, Tether, and TRM Labs launched the T3 Unit to combat USDT-related crimes on the TRON blockchain.
- Over $12 million in USDT linked to scams has been frozen by the T3 Financial Crime Unit.
- TRON facilitated 45% of all illicit crypto transactions in 2023, driving the need for stronger security efforts.
TRON Partners with TRM Labs to Target USDT-Related Illicit Activity
In a joint effort to combat financial crimes, TRON, Tether, and blockchain forensic firm TRM Labs have launched the T3 Financial Crime Unit (T3 FCU). This strategic alliance aims to monitor and curb illicit activities related to USDT (Tether) transactions on the TRON blockchain, which has seen rapid growth in users and transactions.
With over 240 million user accounts and more than 8.4 billion transactions processed, TRON's low fees and fast transaction speed have made it a popular network. However, these same benefits have also attracted malicious actors, prompting the need for enhanced security measures.
TRON Teams up with TRM Labs and Tether
The T3 FCU’s primary goal is to disrupt criminal activities by leveraging cutting-edge data analysis, and blockchain technology, and collaborating closely with law enforcement agencies.
According to TRM Labs’ “Illicit Crypto Economy” report, USDT has been identified as the preferred stablecoin for terrorist financing and other illegal operations, with over $19 billion in illicit funds tracked. By comparison, USD Coin (USDC) only recorded $428.9 million in illicit transactions.
TRON Blockchain explorer also emerged as a significant platform for illegal activities, facilitating 45% of all illicit crypto transactions in 2023, up from 41% in the previous year. In contrast, Ethereum and Bitcoin accounted for 24% and 18%, respectively.
These alarming statistics have driven TRON, Tether, and TRM Labs to collaborate and actively combat illegal use of the USDT stablecoin.
The T3 FCU has already shown success, freezing over $12 million in USDT linked to scams, including fraud schemes and blackmail. So far, 11 victims have been identified, and the investigation continues to uncover more cases.
What’s Next
The T3 Financial Crime Unit aims to further strengthen its capabilities by deepening its partnerships with law enforcement agencies worldwide. With successful collaborations already underway in the U.K., U.S., and Australia, the alliance is set to expand its global reach.
The partnership between TRON, Tether, and TRM Labs signals a proactive stance in addressing financial crimes within the crypto ecosystem. By pooling their resources and expertise, they aim to safeguard the TRON network and ensure its legitimate use.
