Tether, TRON, And TRM Labs Partner to Build First-Ever Private Sector Financial Crime Unit to Tackle Crypto Crime

Over the past few years, we have seen billions lost in crypto crimes, including theft, fraud, money laundering, and other illicit activities. To tackle such issues, Tether, TRON, and TRM Labs have teamed up to establish a private T3 Financial Crime Unit (T3 FCU). It will be a first-of-its-kind initiative to facilitate public-private collaboration to combat illicit activity associated with using USDT on the TRON blockchain.

This innovative partnership brings together the anti-financial crime expertise of TRM Labs, a leading blockchain intelligence firm; the technical knowledge of TRON, a leading global blockchain and DAO; and the external investigations team at Tether, the largest company in the digital asset industry. This partnership aims to make the cryptocurrency community safer and more secure for everyone.

Over USDT 12 million in funds related to a blackmail scam, an investment fraud scheme, and other schemes have been frozen in the weeks since the crime unit was launched. This success was made possible via the participation of law enforcement and the initiative itself. At least eleven victims have been identified by the police as having been affected by the frauds, and they anticipate that further victims will be identified as the investigations continue.

More About the Anti-Crypto Crime Unit Established By TRON, Tether, And TRM Labs

TRON and Tether will get ongoing support from TRM as part of the collaboration. This support will be provided in identifying transactions that are suspected to be related to unlawful acts such as terrorism, sanctions evasion, theft, hacking, cybercrime, and fraud. 

TRM will generate intelligence through the utilization of its unique technology as well as its worldwide network of investigators with specialized knowledge. TRON and Tether will be able to support their efforts to disrupt illegal behavior and aid in collaborations with law enforcement agencies worldwide as a result of this work. The T3 Financial Control Unit (FCU) intends to enhance security and prosperity throughout the TRON network and beyond by working together to identify and interrupt illegal conduct proactively.

“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 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.”

Lastly, key industry actors must aggressively expand their capacities to prevent illegal activity and provide a safe and secure environment as the usage of stablecoins continues to rise. Both of these goals are becoming increasingly important because TRM, TRON, and Tether are stepping up to take action in response to the situation.