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

ZeroBeta and Lynq Integrate Tokenized Treasury Holdings for Enhanced Institutional Finance

ZeroBeta and Lynq have announced a new integration that connects tokenized Treasury holdings to institutional borrowing and trading, allowing eligible assets to be pledged as collateral while accruing interest.

user avatarEmily Carter

Spiko Announces $238 Billion in Tokenized Investment Fund

Spiko has reported a remarkable $238 billion in its Amundi Overnight Swap Fund (SAFO), emphasizing the rising significance of tokenized investment products in business cash management.

user avatarTomas Novak

Kraken Launches New Funding Route for USDG on Arbitrum One

Kraken has launched a new funding route for Global Dollar (USDG) on Arbitrum One, enhancing the ease of transactions between the exchange and blockchain wallets.

user avatarKaterina Papadopoulou

SAT Japan Introduces Stablecoin Payment Option for Vehicle Exports

SAT Japan has launched a stablecoin payment route through TripleA, enabling cross-border car purchases using USDT and USDC.

user avatarMaya Lundqvist

Ripple and Water.org Enhance Partnership for Efficient Water Financing

Ripple and Water.org are expanding their partnership to leverage payment and stablecoin infrastructure aimed at improving water and sanitation financing.

user avatarLeo van der Veen

Taurus Expands Stellar Integration for Institutional Clients

Taurus has enhanced its Stellar integration to support smart contract-based assets for institutional clients.

user avatarLi Weicheng

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.