Tether and TRON Join Forces with TRM Labs to Combat Illegal Activity on the TRON Blockchain

Altcoin projects Tether and TRON announced today that they have joined forces with TRM Labs. Under this collaboration, they will combat illegal activity related to the use of USDT on the TRON Blockchain.

Major altcoin projects Tether and TRON announced today that they have joined forces with TRM Labs to combat illegal activity related to the use of USDT on the TRON Blockchain. As part of this collaboration, they will establish the T3 Financial Crime Unit (T3 FCU) to spearhead this initiative.

According to a 2023 report by TRM Labs, the Tron Blockchain hosts approximately 45% of all illicit crypto volume. In light of this finding, blockchain, founded by Justin Sun, has undertaken a new effort to combat financial crime by collaborating with TRM Labs and USDT issuer Tether to form a task force dedicated to this purpose.

Sun highlighted several key points in his statement regarding the collaboration:

“TRON was born out of the belief that technology can be used for good and to empower people around the world. By collaborating with TRM Labs and Tether, TRON is helping to ensure that blockchain technology is used to make our world a better place. It also sends a clear message that illegal activity is not welcome in our industry.”

Bulk of USDT βρίσκεται στο Tron Blockchain

The task force, known as the T3 Financial Crime Unit (T3 FCU), will work to identify and combat illicit activity involving USDT, which is the largest stablecoin on Tron. According to data from Tether, there are 60.7 billion USDT on Tron. The remaining USDT is distributed across other blockchains, with 53.9 billion on the Ethereum Blockchain and 712 million on Solana, as per the figures.

What does the cooperation of altcoin projects entail?

The T3 FCU has reportedly frozen 12 million USDT linked to blackmail fraud and investment fraud. As part of the collaboration, TRM Labs will contribute its intelligence suite to help Tron and Tether analyze Blockchain activities and identify suspicious patterns.

According to representatives of TRM Labs, while the total volume of illicit crypto remains relatively low, their goal is to reduce it to zero. Chris Janczewski, head of global research at TRM Labs, stated:

“As the adoption of stablecoins continues to grow, it is critical that key industry players proactively enhance their capabilities to combat illegal activity and ensure a safe and secure environment.”

In related news, as covered by Kriptokoin.com, Circle announced in February that it would no longer mint USDC on Tron due to its risk management framework. The stablecoin issuer cited its risk management framework for this decision. This new collaboration unites the financial crime-fighting prowess of TRM Labs, a premier Blockhain intelligence firm, the technical expertise of TRON, a leading global blockchain and DAO, and the external investigations team of Tether, the largest company in the digital asset industry, to forge a safer and more reliable crypto community for all.

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