As a researcher with years of experience delving into the intricacies of blockchain technology and financial crimes, I find the formation of the T3 Financial Crime Unit (T3 FCU) by Tether, Justin Sun’s Tron, and TRM Labs to be a significant step towards promoting a safer and more transparent digital asset ecosystem.
The T3 Financial Crime Unit intends to decrease unlawful activities linked to USDT on the Tron platform, by teaming up with relevant law enforcement bodies to bring criminals to justice and compensate affected parties.
In a joint effort, the leading stablecoin issuer, Tether, along with Justin Sun’s creation, Tron, and blockchain intelligence platform TRM Labs, have unveiled the T3 Financial Crime Unit (T3 FCU). This alliance enables Tether to detect and report any suspicious transactions involving USDT on the Tron network that may be related to criminal activities.
The Majority of USDT in Supply Circulates on Tron
On Tron’s blockchain, more USDT tokens are held than on any other, totaling over $60.7 billion in circulation. This represents about 51% of the entire USDT supply, currently valued at an impressive $118 billion. Additionally, it’s been reported by TRM Labs that a significant 45% of all suspicious crypto transactions in 2023 took place on Tron. A large part of this activity is linked to the USDT stablecoin. By collaborating with TRM Labs, Tether and Tron aim to tackle criminal activities that leverage their technologies, given TRM Labs’ proficiency in tracking illicit asset transfers.
In a shared announcement from the organizations associated with T3 FCU, Justin Sun stated, “Through partnerships with TRM Labs and Tether, TRON is working towards utilizing blockchain technology for global improvement, thereby signaling a firm stance against any unlawful activities within our sector.
The United Nations Office on Drugs and Crime has raised concerns about the high level of criminal activity on the networks of Tron and Tether, using their stablecoin as a means to facilitate this activity. Circle ultimately discontinued its support for USDC on Tron due to the agency’s criticism of both companies in the Web3 sector. Tether responded by stating that it has collaborated with law enforcement agencies to freeze funds and bring criminals to justice.
Following that same idea, Paulo Ardoino, CEO of Tether, expressed in the statement, “For us at Tether, ensuring the security and integrity of the blockchain system is our utmost priority and a duty we take seriously given our role as a significant player in the digital asset sector.” Chris Janczewski, TRM Labs’ head of global investigations, noted, “TRM is honored to partner with TRON, Tether, law enforcement agencies, and others who are dedicated to creating a safer blockchain industry for everyone.
In the initial seven days of functioning, the T3 Federal Credit Union has managed to acquire a total of $12 million in USDT, which came from various sources such as extortion schemes, investment scams, among others.
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2024-09-11 11:27