⚡ Crypto Giants Collaborate to Combat Financial Crime
posted 10 Sept 2024
Tether, TRON, and TRM Labs established the T3 Financial Crime Unit (T3 FCU)—a collaborative initiative aimed at fighting financial crimes within the cryptocurrency sector. This is a pioneering move where private companies united to assist law enforcement agencies.
The main role of the T3 FCU is to monitor illegal transactions and freeze criminal assets, specifically targeting the USDT stablecoin on the Tron blockchain. TRM Labs will lend technical support and deploy specialized investigators to help in these efforts.
We’re proud to have worked with TRM Labs and TRON in this pioneering effort. This collaboration underscores our dedication to joining with industry leaders and law enforcement to combat illicit activity, ensuring a secure environment for all users,stated Tether CEO Paolo Ardoino.
Before its official inception, the unit successfully blocked over $12 million tied to extortion and fraud schemes. Notably, the Tron blockchain hosts over half of all USDT transactions, with its low transaction fees and high speed making it particularly appealing for criminal use.
More breaking news
More breaking news
Breaking news
✨ WhiteBIT Auto-Invest: Crypto Investing Made Easy
