TRON and Tether Fight Illicit USDT Transactions
On September 10, TRON, Tether, and TRM Labs announced a strategic agreement to form the T3 Financial Crime Unit (FCU) to tackle unlawful USDT transactions on the TRON blockchain.
The alliance employs innovative technology and law enforcement to discover and disrupt USDT-using criminal networks.
TRON, TRM Labs, Tether FCU Fighting Financial Crime
The T3 Financial Crime Unit (FCU) tracks unlawful USDT transfers utilizing real-time data and sophisticated analytics to thwart criminal activity, according to the press release.
TRON creator Justin Sun said, “By collaborating with TRM Labs and Tether, TRON ensures blockchain technology benefits society while making it clear that illicit activity won’t be tolerated.”
TRON's ecosystem, with over 240 million users and 8.4 billion transactions, prevents it from becoming a criminal hotspot.
TRON's cheap costs and reliability benefit legal users, but terrorists, money launderers, and fraudsters have taken notice.
Cryptonews stated in March that USDT was implicated in over $19 billion in illegal payments in 2023, exceeding other stablecoins owing to its prominence in terrorist funding. TRON accounted for 45% of illegal crypto transactions, up from 41% last year.
Tether USDT is the favored stablecoin for terrorist funding, surpassing USDC and its $428.9 million illegal volume.
Circle raised risk management issues, correlating with governmental examination of TRON's money laundering allegations.
The non-profit Campaign for Accountability wrote to U.S. Senators Elizabeth Warren and Sherrod Brown, accusing Circle of enabling terrorist financing via TRON blockchain transactions.
Tether issues USDT on TRON, which leads the stablecoin market despite these concerns.
Tether issued $1 billion in USDT on the TRON blockchain in August, solidifying TRON's worldwide stablecoin status.
Tether has produced $33 billion in USDT this year, including 19 billion on TRON and 14 billion on Ethereum.
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