TRON, Tether, and TRM Labs have announced their intention to fight financial crime

The task force said it had already frozen $12 million in USDT that had been used in an investment fraud

10.09.2024 - 14:10

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Last updated on Nov 19, 2024

What’s new? The TRON blockchain has partnered with TRM Labs and USDT issuer Tether to announce the T3 Financial Crime Unit (T3 FCU), a task force created to fight financial crime. TRON blockchain founder and head of centralized crypto exchanges (CEXs) HTX and Poloniex Justin Sun said that the TRON blockchain was made from the belief that technology can be used for good. He added:

“By collaborating with TRM Labs and Tether, TRON is helping to ensure that blockchain technology is used to make our world a better place, and sends a clear message that illicit activity is not welcome in our industry.”

What else is known? T3 FCU will be cracking down on illegal activity in which USDT has been used. The task force said it has already frozen $12 million in USDT used in investment fraud. TRM Labs will use its toolkit to analyze Tron and Tether blockchain activity to identify suspicious activity.

New complaint has been filed against Tether and Bitfinex over the issuance of unsecured USDT

Proceedings on charges of market manipulation with uncollateralized issued stablecoins have been going on since 2019

TRM Labs officials said that while the overall volume of illicit cryptocurrency remains low, the goal is to bring it down to zero. TRM Labs’ global head of investigations Chris Janczewski noted:

“As adoption of stablecoins continues to rise, it’s critical that key industry players proactively evolve their capabilities to combat illicit activity and ensure a safe and secure environment.”

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