TRON, Tether, and TRM Labs Launch T3 Financial Crime Unit to Combat Illicit Cryptocurrency Activities

Blockchain network TRON, stablecoin issuer Tether, and blockchain forensics firm TRM Labs have launched the T3 Financial Crime Unit (FCU), a collaborative initiative aimed at mitigating illegal activities linked to Tether (USDT) transactions on the TRON blockchain.

Blockchain network TRON, stablecoin issuer Tether, and blockchain forensics firm TRM Labs have joined forces to launch the T3 Financial Crime Unit (FCU), an initiative designed to curb illegal activities linked to Tether (USDT) transactions on the TRON blockchain.

The T3 FCU will combine data analytics, advanced technology, and collaboration with global law enforcement to disrupt malicious actors. According to TRONScan, TRON had processed over 8.4 billion transactions and hosted more than 240 million user accounts as of August.

While USDT on TRON is popular among legitimate users due to its low fees and stability, it has also attracted the attention of criminals. According to TRM Labs’ “Illicit Crypto Economy” report, USDT was used to launder over $19 billion in illicit funds, dwarfing other stablecoins. The report highlighted that USDT has become the currency of choice for terrorist financing entities, with TRON facilitating 45% of all illicit crypto transactions in 2023, up from 41% the previous year.

In comparison, USD Coin (USDC) registered only $428.9 million in illicit transactions. Meanwhile, Ethereum and Bitcoin accounted for 24% and 18% of illegal crypto activities, respectively. The T3 initiative has already achieved success, freezing over $12 million in USDT connected to criminal schemes, including blackmail and fraud. Investigations have identified 11 victims, with more expected to be uncovered.

Chris Janczewski, head of global investigations at TRM Labs, emphasized the significance of international collaboration, highlighting that agencies from the U.K., U.S., and Australia have joined efforts to combat these illegal operations.

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