Tron and Tether: Freezing $100 Million in USDT to Combat Illegal Activities

user avatar

by Giorgi Kostiuk

2 years ago

The Tron blockchain, in collaboration with stablecoin issuer Tether and intelligence firm TRM Labs, announced the freezing of $100 million in USDT due to its misuse by illegal actors.

Analysis of Transactions and Operations

The T3 Unit analyzed millions of transactions across five continents, monitoring a total volume exceeding $3 billion in USDT. TRM Labs utilized blockchain intelligence and monitoring tools to identify and freeze USDT linked to illegal activities involving Tron and Tether.

Sources of Frozen Funds

Chris Janczewski, TRM Labs' global investigations head, stated that money laundering services are the primary source of the frozen funds. Other activities included investment fraud, illegal drugs, terrorism financing, extortion scams, hacking incidents, and violent crimes. T3 noted that approximately $3 million of the frozen USDT is connected to North Korea.

We hope that our efforts will not only help victims recover their funds but also deter malicious actors from conducting illegal activities on blockchains like Tron.Chris Janczewski

Impact and Significance of the Initiative

The collaboration between Tron, Tether, and TRM Labs is seen as a significant step toward reducing illicit activities on the blockchain. The scale of the frozen funds and the breadth of the analysis underscore the effectiveness of blockchain technology in ensuring security and transparency.

This initiative demonstrates how combined efforts can decrease illegal activities on blockchains and serve as a model for other projects.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

BitMine Immersion Technologies Reports Significant ETH Holdings

BitMine Immersion Technologies disclosed its holdings of 6,060,506 ETH as of November 1, with a significant portion staked.

user avatarLuis Flores

CrowdStrike Introduces AI Agent Kill Switch to Enhance Corporate Security

CrowdStrike has introduced an AI agent kill switch to enhance security in corporate networks, allowing administrators to stop unauthorized AI activities.

user avatarArif Mukhtar

TLDR Strategy Acquires Additional Bitcoin and Repurchases Preferred Shares

TLDR Strategy announced the acquisition of 811 Bitcoin for approximately $655 million and the repurchase of about $208.2 million of its STRC preferred shares.

user avatarMaria Gutierrez

Upcoming Jobs Report to Impact Bitcoin's Market

The upcoming jobs report on November 6 is expected to influence Bitcoin's market performance.

user avatarZainab Kamara

Tether Freezes $15 Billion in USDT Following Binance Attack

Tether announced the freezing of over $15 billion in USDT linked to the late-October Binance attack, collaborating with investigators and industry partners.

user avatarDavid Robinson

ONDOToken Fails to Amplify Ether's Gains Amid Market Divergence

ONDOToken experienced a decline while ether gained against bitcoin, highlighting a divergence in performance.

user avatarAndrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.