- The T3 Financial Crime Unit (T3 FCU) combines TRM Labs’ anti-financial crime expertise with Tron’s technology and Tether’s investigative capabilities.
- Ahead of its official launch, the T3 FCU successfully collaborated with law enforcement to freeze over $12 million in USDT linked to criminal activities.
In the latest development, USDT stablecoin issuer Tether announced its partnership with Justin Sun’s Tron network in establishing a new private financial crime unit. Tron’s blockchain intelligence unit TRM Labs will also be a part of this partnership.
Dubbed as T3 Financial Crime Unit (T3 FCU), this is a first-of-the-kind initiative that aims at facilitating a public-private collaboration to fight against the illicit activity associated with the use of USDT stablecoins on the Tron blockchain.
The collaboration involves combining TRM Labs’ anti-financial crime expertise with the Tron blockchain network’s technological expertise. Tether will contribute via its external investigations team.
This newly formed T3 Financial Crime Unit will focus closely on identifying transactions associated with illegal activities including sanctions evasion, terrorism, hacking, theft, cybercrime, as well as fraud. Following the official launch of the T3 FCU, the associated companies have already made some progress in achieving their common goal.
The FCU revealed that, in the weeks leading up to the official launch, the initiative worked alongside law enforcement to freeze over 12 million USDT linked to various criminal activities, including a blackmail scam and an investment fraud scheme. This demonstrates the FCU’s commitment to combating illicit activities in the crypto space.
Tron – The Largest Blockchain Network for Tether’s USDT Stablecoin
Tron is one of the largest blockchain networks to host and mint the USDT stablecoin, per the CNF report. Thus, the involvement of Tron in the formation of T3 FCU seems a natural step in the process.
The total circulation of TRON-based USDT stablecoins is $60.8 billion which is more than 50% of the stablecoin’s total market cap. Speaking on the development, Tron founder Justin Sun stated that its collaboration with Tether and TRM Labs will put blockchain technology to better use.
He said:
TRON originated with the belief that technology can be used for good and to empower people across the globe. 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.
Tron has recently seen a huge surge in network activity along with its push for the SunPump meme coin platform, reported Crypto News Flash. Justin Sun, founder of Tron (TRX) and SunPump launchpad, recently announced an on-chain buyback and burn initiative for the Sun token (SUN).
This strategy mirrors the revenue-sharing model of the emerging altcoin Rollblock, which has been gaining significant attention in the crypto market, per the CNF report.
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