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Tron, Tether and TRM Labs Start Financial Crime Fighting Force
The T3 Financial Crime Unit is looking to clean up USDT issued on Tron, a blockchain favored by bad actors.
Updated Sep 10, 2024, 5:19 p.m. Published Sep 10, 2024, 11:20 a.m.
- Tron, Tether and TRM Labs are joining forces to fight financial crime.
- A TRM Labs report from 2023 showed that the Tron blockchain was home to nearly half of all illicit crypto volume.
A 2023 report from TRM Labs showed that the Tron blockchain was home to nearly 45% of all illicit crypto volume. Now, the blockchain founded by Justin Sun is working with TRM Labs and USDT issuer Tether in a task force created to fight financial crime.
“TRON originated with the belief that technology can be used for good and to empower people across the globe,” Sun said in a release. “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.”
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The task force, the T3 Financial Crime Unit (T3 FCU), will combat illicit activity involving USDT, the largest stablecoin, on Tron. Data from Tether shows there’s $60.7 billion of USDT issued on Tron, $53.9 billion on the Ethereum blockchain and $712 million on Solana.
The T3 FCU said it has already frozen $12 million in USDT tied to blackmail scams and investment fraud.
According to a release, TRM Labs will use its intelligence suite to help Tron and Tether analyze blockchain activity to detect suspicious patterns.
Representatives from TRM Labs said that while the total illicit volume of crypto remains low, the goal is to push it to zero.
“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, said in a release.
In February, Tether rival Circle said it would stop minting USDC on Tron, citing its risk management framework as part of the decision.
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