The post Tether, Tron, TRM Labs Will Target USDT Crime appeared on BitcoinEthereumNews.com.

Tether, the largest stablecoin issuer, has partnered with Tron, one of the top blockchains, and blockchain intelligence firm TRM Labs to tackle criminal activity involving USDT. This initiative, known as the T3 Financial Crime Unit (T3 FCU), marks a pioneering public-private collaboration focused on addressing illicit activities associated with the use of USDT on the TRON blockchain. Tether, Tron, and TRM Unite to Combat USDT Crimes A 2023 report from TRM Labs revealed that the Tron blockchain accounted for nearly 45% of all illicit crypto volume. In response, Tron, founded by Justin Sun, has teamed up with TRM Labs and USDT issuer Tether to form a task force aimed at combating financial crime. Indeed, Tether and Tron’s prominence in the crypto space has increasingly attracted scammers, terrorist financiers, and other threat actors. Over 50% of USDT’s circulating supply operates on the Tron blockchain, which is known for its high throughput and low transaction costs, making it attractive to both legitimate users and bad actors alike. “The same features that make USDT on TRON attractive to legitimate users — low fees, lack of volatility, and ease of use — have also drawn the attention of scammers, terrorist financiers, and other threat actors,” read the release. Read more: 15 Most Common Crypto Scams To Look Out For The blockchain intelligence firm also disclosed that scams and frauds accounted for approximately a third of all crypto crimes last year. Tether’s USDT stablecoin dominated terrorist financing on Tron. “As adoption of stablecoins continues to rise, it’s critical that key industry players proactively evolve their capabilities to combat illicit activity and ensure a safe and secure environment,” Chris Janczewski, Head of Global Investigations at TRM Labs, said. Similarly, Forbes reported in January that USDT has become a “preferred choice” among money launders and scammers. The report…

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Filed under: News - @ September 10, 2024 6:22 pm