The T3 Financial Crime Unit, a collaboration between the Tron blockchain, stablecoin issuer Tether, and blockchain intelligence company TRM Labs, announced it has frozen a total of $100 million of Tether's USDT associated with illicit activities since its formation in September.
Key Highlights:
- The Tron-led T3 Financial Crime Unit includes TRM Labs and Tether.
- The effort focuses on various illicit actors, achieving a significant milestone with $100 million frozen USDT.
The unit monitored transactions across five continents, analyzing over 3 billion USDT, the largest stablecoin. T3 leverages TRM Labs' intelligence to identify and curb such financial misconduct. With nearly $60 billion in USDT issued on Tron, the project continues to address the threats posed by activities ranging from money laundering to cybercrime.
Chris Janczewski from TRM Labs commented, "Blockchain is a bad place to do money laundering because it’s so transparent. We can confirm victim reports on a public blockchain and even identify other victims."
He highlighted that $3 million of the frozen USDT is linked to North Korean activities aimed at fundraising for its regime. The U.S. Treasury recently recognized the closure of a North Korean crypto money laundering network.
Ultimately, Janczewski expressed hope that their initiatives will not only aid victims in recovering their funds but will also deter potential offenders from using blockchains like Tron for illicit purposes.
