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Cryptocurrency News Articles
Tether Partners With Tron and TRM Labs to Create T3 Financial Crime Unit
Sep 10, 2024 at 11:41 pm
Tether, the issuer of the USDT stablecoin, has partnered with the Tron blockchain and blockchain intelligence firm TRM Labs to create the T3 Financial Crime Unit (T3 FCU).
Stablecoin issuer Tether has joined forces with the Tron blockchain and blockchain intelligence firm TRM Labs to create the T3 Financial Crime Unit (T3 FCU). This alliance, announced on Sept. 10, aims to bolster public-private cooperation in combating illicit activities linked to the use of USDT on the Tron blockchain.
The T3 FCU will leverage TRM Labs' capabilities in anti-financial crime and analytics, Tron's technical strengths, and Tether's contributions through its external investigations team. Together, they will focus on identifying and tracking transactions related to terrorism, sanctions evasion, theft, hacking, cybercrime, and fraud.
Since its establishment, the T3 FCU has played a role in freezing over $12 million in USDT connected to blackmail scams, investment fraud schemes, and other illegal activities.
Tron serves as the leading blockchain network for USDT transactions, boasting $60.8 billion in Tron-based USDT, which constitutes approximately 51% of all circulating USDT.
“This collaboration sends a clear message that illicit activity is not welcome in our industry,” Tron founder and CEO Justin Sun remarked.
USDC ceases support for Tron
A 2023 report by TRM Labs highlighted that the Tron blockchain was responsible for nearly 45% of all illicit crypto volume.
In February 2024, Circle, the issuer of USDC, ceased support for the Tron network. This decision, according to Circle, was driven by its commitment to ensuring that USDC remains “trusted, transparent, and safe.”
The move came after a report by the United Nations Office for Drugs and Crime flagged USDT, particularly on the Tron blockchain, as a vehicle for money laundering in Southeast Asia.
Despite these concerns, Tether has continued to mint USDT on Tron. Since February 2024, Tron-based USDT has seen over $10 billion in authorized minting, with another 1 billion USDT tokens minted on Aug. 20.
Earlier in August, a federal judge denied a request from the U.S. Securities and Exchange Commission (SEC) in its ongoing securities fraud lawsuit against the Tron Foundation and Justin Sun.
The case centers on allegations by the SEC that the Tron Foundation, along with the BitTorrent Foundation and Rainberry (formerly known as BitTorrent), violated securities laws.
The SEC alleges that the Chinese entrepreneur and his companies conspired to distribute billions of cryptoassets and artificially inflate trade volumes to attract investors. The federal agency also claims that Sun manipulated the price of BitTorrent's BTT token.
The SEC sought a pre-trial conference or the filing of an additional response, accusing the Tron defendants of improperly introducing a new defense argument. The defense had argued that the sales of Tron's tokens, TRX and BTT, did not meet the “common enterprise” prong of the Howey Test, which is used to determine whether a transaction qualifies as an investment contract.
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