Tether, TRON, and TRM Labs join forces in T3 FCU to combat $12M in USDT-linked fraud on the TRON blockchain.
T3 FCU freezes over $12M USDT linked to fraud, boosting TRON network security against illicit activities.
Over 50% of USDT's $117B market cap runs on TRON, now protected by T3 FCU against rising crypto crimes.
Tether, TRON, and TRM Labs have collaborated to form the Technical and Tactical T3 Financial Crime Unit or (T3 FCU) to address fraudulent issues related to USDT on the TRON network. This partnership will allow the creation of security systems that would enhance the protection of fraud and unlawful processes in the sphere of digital assets through the establishment of public-private cooperation that will enhance the stability of the digital asset environment.
https://twitter.com/Tether_to/status/1833476087432524229
The unit has already helped freeze over $12 million USDT related to several schemes such as blackmail and an investment scam. The T3 FCU together with the police have identified 11 victims, more are likely to be unveiled as investigations go on.
Mitigating USDT Stability Risks Using TRON
As the crypto market leader with a capitalization above $117 billion, USDT serves as a reliable means of payment and a stable value for the operations in the digital asset industry. Currently, more than half of the total USDT in circulation is on the TRON network due to its low cost and fast processing speed. But it has its benefits now, where it has become a landfill for scammers and criminal organizations.
Due to increased adoption of the TRON blockchain that is capable of handling high transaction volume at very low cost, there has been growing interest among malicious parties to use it for criminal activities. To overcome these challenges, the T3 FCU is set up to focus on the disruption of criminal activities and protection of the TRON platform.
TRM Labs’ Role in Financial Crime Detection
Under the partnership, TRM Labs will assist TRON and Tether by applying the latest technology and investigation methods to help track transactions related to unlawful activities. This will involve tracking activities like terrorism financing, sanctions evasion, theft, cybercrime, and fraud among others.
The collaboration also aims at improving the interaction between the private sector participants and law enforcement agencies, a move that will help in the security and stability of all the parties using the TRON network. The T3 FCU is an innovative model for countering financial crime in the cryptocurrency environment, which focuses on collaboration between financial institutions and the government.
The post Tether, TRON and TRM Labs Launch Unit to Combat Crypto Crime on TRON Network appeared first on Crypto News Land.
