The T3 FCU has been effective in its efforts, having frozen over $12 million in USDT that was connected to scams, including blackmail and fraud.
Photo courtesy of Consensus
Key Takeaways
- TRON, Tether, and TRM Labs has formed a new unit to combat illicit activities on the TRON blockchain.
- The collaborative effort is expected to extend beyond the TRON network, contributing to a safer overall blockchain ecosystem.
TRON, Tether, and TRM Labs have joined forces to establish the T3 Financial Crime Unit (T3 FCU), a pioneering effort to combat financial crimes in the crypto sector. The initiative proactively targets illicit activities linked to Tether’s USDT stablecoin on the TRON blockchain.
According to a Tuesday announcement shared by TRM Labs, the T3 FCU leverages the expertise of each partner to create a safer and more secure crypto community. The unit will also cooperate with industry leaders and law enforcement to protect users from scams and other illicit activities.
“TRON originated with the belief that technology can be used for good and to empower people across the globe,” said Justin Sun, founder of the TRON blockchain.
“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,” Sun stated.
USTD, leading the stablecoin market with its $117 billion market cap, has been a target for criminals due to its stability and ease of use. The unit aims to address the growing challenges of the issue while maintaining the integrity and benefits of blockchain technology.
“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,” Chris Janczewski, head of global investigations at TRM Labs, stated, pointing out that it is imperative to adapt constantly strategies to combat evolving crypto crimes.
“At Tether, safeguarding the integrity of the blockchain ecosystem is a top priority and a responsibility we embrace being a key player in the digital asset space,” Paolo Ardoino, CEO of Tether, stated.
“This collaboration underscores our dedication to joining industry leaders and law enforcement to combat illicit activity, ensuring a secure environment for all users,” he added.
TRM Labs will use its anti-crime technology, including advanced data analytics, to help identify suspicious transactions. TRON and Tether’s internal teams will work with TRM to gather evidence and investigate these transactions to determine if they are linked to illegal activities.
Since its inception, the unit has successfully frozen over $12 million linked to various criminal schemes, as noted in the announcement.
The establishment of the T3 FCU is a proactive step towards safeguarding the TRON network and its users from financial threats, ensuring a secure and prosperous digital asset industry.
