In the past few months, the financial crime units worldwide have helped enforcement agencies with cryptocurrencies linked with bad actors and illicit activities.
In a most recent development T3 Financial Crime Unit (FCU), the unit formed with the alliance of Tether, Tron, and TRM Labs has reportedly seized $126 million in USDT since its first existence in August 2024.
The available information further notes that the FCU helps agencies and regulators worldwide to track and dismantle illicit activities, monitoring around $3 billion.
A group aware of the issue told media personnel that around $56 million has been seized that has been used for money laundering. The 2nd largest category of frozen assets was $36 million in funds used in investment scams.
Following the seizure Justin Sun the founder of Tron said ” Criminals now have 100 million reasons to think twice before using TRON,” adding ” T3 FCU’s rapid success in freezing criminal assets sends an unmistakable message: if you’re using USDT on TRON for crime, you will be caught.”
USDT remains the top choice of bad actors!
In the entire year of 2024 hundreds of cases concerning the illicit usage of USDT, the most trading cryptocurrency. It is crucial to note that Tether Foundation has minted several billion USDT tokens in the past few months.
It has also been reported that scams and other such activities have surged on the Tron network and other blockchains, but Ethereum remained the most affected.
Tether recently disclosed that more than 109 million of the millions of on-chain wallets that had accumulated the USDT stablecoin by the conclusion of this year’s third quarter are holders.
In a blog post on December 9, Tether stated that millions of customers currently utilize the Tether stablecoin as their bank account.
According to data from the end of September 2024, 330 million users represented by on-chain wallets and accounts have accrued USDT, according to research published this October.
Crypto Market Price Updates
As of writing cryptocurrency market capitalization was $3.39 trillion with an addition of 0.70 percent. At the same time, Bitcoin was trading at $96,418 with an intraday surge of 112 percent in a 52-week time frame.
According to data from CoinMarketCap, the intraday gainer’s list is ruled by Cardano which added 12.17 percent to its prices reaching $1.06 followed by Gala, Monera, The Sandbox, and Jupiter among several others.
In the same time frame, FTX Token, Fantom, Jasmy Coin, and Helium remain the most troubled. The trading volume of the wider cryptocurrency market has seen an addition of 7.79 percent reaching $116.21 billion.
