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

JP Morgan Asset Management Launches Tokenized Money Market Funds on Solana

JP Morgan Asset Management has launched two tokenized money market funds, MONY and JLTXX, on the Solana blockchain for qualified US investors.

user avatarZainab Kamara

Bitwise Dogecoin ETF Reaches Liquidation Distribution Date

The Bitwise Dogecoin ETF has reached its announced liquidation distribution date on October 22, with remaining shareholders set to receive cash based on the fund's net asset value.

user avatarSon Min-ho

Solayer Pay Launches Direct Stablecoin Deposits for Enhanced User Experience

Solayer Pay has launched a feature allowing direct stablecoin deposits from five major blockchain networks, simplifying the funding process for users.

user avatarAyman Ben Youssef

CMCC Global Introduces Tokenized Fund Strategies

CMCC Global is introducing two fund strategies as tokenized securities through Tether's Hadron infrastructure and Bitfinex Securities under El Salvador's regulations.

user avatarTando Nkube

Senator Blumenthal Investigates Tether's Payments to Consultancy

Senator Blumenthal investigates Tether's payments to consultancy Nxum over potential ethics concerns.

user avatarKofi Adjeman

Blockchain Association Pushes for Crypto Tax Legislation

The Blockchain Association advocates for bipartisan changes to cryptocurrency tax regulations, seeking a de minimis exemption for small transactions and clarity in tax reporting for digital asset users.

user avatarNguyen Van Long

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.