TRON, Tether, and TRM Labs have collaborated to establish the T3 Financial Crime Unit, aimed at curbing illicit activities associated with the use of USDT on the TRON blockchain.
Objective of the New Unit
The objective of the T3 Financial Crime Unit is to thwart illicit actions by utilizing data, technology, and partnerships with law enforcement agencies.
Risks and Issues with USDT
Despite its appeal among legitimate users, USDT has attracted terrorists, money launderers, and scammers. TRM Labs' report indicated that in 2023, USDT was involved in over $19 billion of illicit funds, with 45% of all illicit crypto transactions taking place on the TRON blockchain.
Performance and Results
The T3 unit has already frozen over $12 million in USDT linked to scams. Eleven victims have been identified, with more expected as investigations continue. This highlights the importance of global collaboration in combating crypto crimes.
The establishment of the T3 Financial Crime Unit underlines the significance of collaboration between public and private sectors to fight financial crimes in the cryptocurrency sphere.
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