TRON, Tether, and TRM Labs have announced the formation of the T3 Financial Crime Unit (T3 FCU), a groundbreaking initiative designed to facilitate public-private collaboration to fight illicit activities associated with the use of USDT on the TRON blockchain. This collaborative effort merges the anti-financial crime expertise of TRM Labs, the technical know-how of TRON, and the investigative capabilities of Tether to create a safer and more secure crypto community.
Since its inception, T3 FCU has already made significant strides by freezing over USDT 12 million in funds tied to a variety of scams, including blackmail and investment fraud schemes. Law enforcement agencies have identified at least 11 victims thus far, with more expected as investigations continue.
Stablecoins like USDT are crucial to the digital asset industry, providing a stable store of value and enabling seamless transactions across platforms. With a market capitalization exceeding $117 billion USD and over 50% of its circulating supply on the TRON blockchain, USDT plays a vital role in facilitating transactions and liquidity. However, the same features that make USDT on TRON attractive to legitimate users—low fees, lack of volatility, and ease of use—have also attracted malicious actors like scammers and terrorist financiers. As the TRON blockchain's popularity grows, so does its exposure to these criminal elements. The establishment of the T3 FCU is a significant step towards impeding the ability of these actors to launder and utilize the proceeds of crime, thereby safeguarding the integrity of the TRON blockchain.
TRM Labs will provide continuous support to TRON and Tether in identifying transactions linked to illegal activities such as terrorism, sanctions evasion, theft, hacking, cybercrime, and fraud. Utilizing proprietary technology and a global network of expert investigators, TRM Labs aims to generate actionable intelligence that will support TRON's and Tether's efforts to disrupt criminal activities and aid collaborations with law enforcement agencies worldwide.
The T3 FCU aims to promote security and prosperity across the TRON network and beyond by proactively identifying and disrupting illicit activity. This initiative sends a clear message that illegal activities are not welcome in the blockchain industry.
“TRON originated with the belief that technology can be used for good and to empower people across the globe,” said Justin Sun, founder of the TRON blockchain. “By collaborating with TRM Labs and Tether, TRON is helping to ensure that blockchain technology is used to make our world a better place, and sends a clear message that illicit activity is not welcome in our industry.”
Paolo Ardoino, CEO of Tether, added, “At Tether, safeguarding the integrity of the blockchain ecosystem is a top priority and a responsibility we embrace with being a key player in the digital asset space. This commitment drives us to take proactive measures in helping maintain the security and trustworthiness of the ecosystem. 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.”
Chris Janczewski, head of global investigations at TRM Labs, stated, “As adoption of stablecoins continues to rise, it’s critical that key industry players proactively evolve their capabilities to combat illicit activity and ensure a safe and secure environment. TRM is proud to collaborate with TRON, Tether, law enforcement, and others who are committed to helping build a safer blockchain industry for all.”
