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Home»Bitcoin»Tether crypto, Tron and TRM Labs collaborate: ‘Our goal is to…’
Bitcoin

Tether crypto, Tron and TRM Labs collaborate: ‘Our goal is to…’

2024-09-11No Comments3 Mins Read
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  • T3 FCU, formed by Tether, Tron and TRM Labs, aims to combat USDT-related crimes.
  • USDT on Tron saw $19.3 billion in illegal volume.

Amid the escalating crypto scam crisis, Tether, the issuer of the USDT stablecoin; Tron, the decentralized organization behind the Tron blockchain; and TRM Labs, a blockchain intelligence firm based in San Francisco, have joined together to create the T3 Financial Crime Unit (T3 FCU).

This strategic partnership aims to address illegal activities involving USDT on the Tron blockchain, signaling a joint effort to improve security and integrity in the cryptocurrency space.

Managers weigh in…

Commenting on the development, Tron founder Justin Sun stated in a document released by Tether,

“Our goal is to create a more secure crypto community that sets a new standard for the industry.”

According to the report, the T3 Financial Crime Unit has made significant progress in the fight against financial crime since its inception.

Working with law enforcement, the initiative successfully froze more than $12 million in USDT linked to various illegal activities, including blackmail and investment fraud.

So far, the unit has identified 11 victims, with more cases expected as the investigation continues.

Reasons behind these rising crimes

The widespread adoption of stablecoins like USDT, which boasts a market cap of over $118 billion, has unfortunately attracted malicious actors.

With more than half of USDT’s offering running on the Tron blockchain, the size and accessibility of these assets have made them an attractive target for illegal activity.

Esteban Castaño, CEO of TRM Labs, recognizes the progress made in addressing these challenges and appreciates the collaboration:

“We were the first blockchain intelligence company to identify illegal activity on Tron. We have been working together in this area since 2019, but this initiative goes even further.”

He added:

“Tron also makes a significant investment to detect illegal activity, so we are expanding both its investigative and threat intelligence capabilities.”

Although the financial commitment was not disclosed, the focus seemed clear.

See also  Bitcoin: This is how important BTC -price movements correlate with 'Satoshi searches'

What do the numbers indicate?

As of August, Tron had more than 247 million user accounts and more than 8 billion transactions.

The platform’s appeal, characterized by low costs and stability, has also attracted malicious actors.

TRM Labs’ April report highlighted that USDT on Tron drove illegal volumes to stablecoins, reaching $19.3 billion in 2023, compared to $428.9 million for USDC.

The report also shows that 45% of all illegal crypto transactions took place on Tron last year, up from 41% in 2022, while Ethereum [ETH] and Bitcoin [BTC] were responsible for 24% and 18% respectively.

In March 2023, the SEC sued Tron founder Justin Sun and his companies for alleged unregistered offerings and market manipulation involving TRX and BTT tokens, although Sun’s legal team disputes these allegations.

Other crypto crime reports

That being said, a recent report from the American FBIdated September 9, revealed a dramatic increase in crypto fraud and scams, which rose 45% in 2023 compared to the previous year.

This increase in illegal activities has resulted in staggering losses of more than $5.6 billion.

Moreover, blockchain security company cockshield reported that August witnessed more than ten major hacks within the crypto market, leading to significant losses totaling $313.86 million.

As stablecoins come under increasing scrutiny, it remains to be seen whether this partnership will set a new benchmark for security in crypto.

Next: Will dogwifhat drop 10%? The main levels of WIF say…

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