TRON (TRX) Price Surges as Blockchain Network Slashes Illicit Volume by $6 Billion

In 2024, TRON achieved a significant milestone by slashing illicit volume by $6 billion. This success is creating a ripple effect across the market

TRON's (TRX) blockchain network experienced a significant drop in illicit activities during 2024, with a reduction of $6 billion in illicit volume, according to a report by TRM Labs. This decrease forms part of a broader decline in illicit volume across major blockchains, which saw an overall drop of 24%.

Key Points:

TRON's blockchain saw a substantial decrease in illicit activities, accounting for 58% of illicit volume among major blockchains.

A collaboration between TRON, Tether, and TRM Labs through the T3 Financial Crime Unit (T3 FCU) played a crucial role in reducing illicit transactions.

The total illicit volume in the cryptocurrency market dropped from $59 billion to $45 billion, with TRON's illicit volume decreasing by approximately 50%.

Illicit activities on TRON dropped by $6 billion, reflecting the effectiveness of initiatives by the T3 FCU, which also froze over $130 million in illicit assets.

Despite past associations with illicit activities, TRON's blockchain has attracted legitimate users due to its low transaction fees, robust smart contracts, and popular stablecoins.

A Deeper Look at Illicit Volume in 2024

In 2024, the total illicit volume in the cryptocurrency market experienced a notable decrease, dropping from $59 billion to $45 billion. This reduction marks a significant step forward in the effort to combat criminal activity within the crypto space.

As we delve into the details, we observe that TRON's blockchain network was notably impacted by this decline. At the beginning of the year, illicit transactions accounted for 58% of the total volume on the TRON blockchain, the highest among major blockchains. However, a collaborative initiative known as the T3 Financial Crime Unit (T3 FCU) played a pivotal role in reducing these illegal activities.

Formed by TRON, Tether, and TRM Labs, the T3 FCU is dedicated to addressing illicit activities on the TRON blockchain. Throughout the year, the unit's efforts have contributed to a substantial decrease in criminal involvement.

According to the report by TRM Labs, illicit activity on TRON dropped by $6 billion. This decrease, which equates to approximately 50% of TRON-related illicit volume, reflects the effectiveness of these initiatives. Furthermore, in August 2024, the T3 FCU also froze over $130 million in illicit assets, further demonstrating its commitment to addressing this issue.

When examining the broader blockchain landscape, we also notice a decrease in illicit activities on other chains. Notably, the Ethereum blockchain came in second with a 24% drop in illicit volume, followed by Bitcoin with a 12% decrease. Additionally, BNB Smart Chain and Polygon both experienced a 3% drop in illicit volume.

These observations highlight the growing preference among users for blockchains that offer low transaction fees, robust smart contracts, and integration with popular stablecoins, while also prioritizing efforts to reduce illicit activities.