Tether, TRON, and TRM Labs announced the joint formation of the T3 Financial Crimes Unit (T3 FCU), the first private financial crime unit focused on cryptocurrency crime, to collaborate to combat illegal activity related to the use of USDT on the TRON blockchain. This innovative collaboration brings together the anti-financial crime expertise of currency analysis company TRM Labs, the technical capabilities of TRON, and Tether’s external investigation team to create a safer environment for the cryptocurrency community.

More than 12 million USDT funds were frozen in the first month

TRM Labs helps identify transactions related to illegal activities such as terrorism, sanctions evasion, theft, hacking, cybercrime and fraud. TRM Labs will use its proprietary technology and global expert investigation network to generate intelligence to support TRON and Tether in disrupting criminal activity and working with law enforcement agencies around the world.

Since its establishment, T3 FCU has cooperated with law enforcement agencies and has successfully frozen more than 12 million USDT funds involved in criminal activities such as extortion fraud, investment fraud, etc. Police are aware of at least 11 victims affected by these scams and expect more to emerge as investigations continue.

Stable currency USDT brings convenience and crime

As the cornerstone of the digital asset industry, USDT provides a stable means of storing value and promotes the seamless flow of funds between platforms. With a market cap of over $117 billion, with over 50% of the circulating supply running on the TRON blockchain, USDT is key to facilitating trading and liquidity.

However, USDT’s low fees, no volatility, and ease of use on TRON not only attract legitimate users, but also become a target for criminals such as scammers and terrorist financiers. As the TRON blockchain continues to grow in popularity and user base, so does its exposure to criminal activity. The establishment of T3 FCU marks an important step in preventing criminals from laundering and using funds obtained from crime, ensuring the integrity of the TRON blockchain.

Joint statement of the three parties: crack down on illegality and improve the industrial environment

Justin Sun, founder of TRON, said: "Through our collaboration with TRM Labs and Tether, we are committed to ensuring that blockchain technology is used wisely and sending a clear message to the outside world that illegal activities have no place in our industry."

Paolo Ardoino, CEO of Tether, also said: "We are proud to be part of this groundbreaking collaboration with TRM Labs and TRON. This collaboration demonstrates our determination to join forces with industry leaders and law enforcement agencies to combat illegal activities and ensure that all Users enjoy a safe environment.”

"As the adoption of stablecoins continues to grow, key industry players must proactively develop response capabilities to combat illegal activity and ensure a safe environment," said Chris Janczewski, global head of investigations at TRM Labs.

This article Tether, TRON and TRM Labs join forces to prevent financial crime, T3 FCU combats cryptocurrency crime first appeared on Chain News ABMedia.