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TRON, Tether and TRM Labs have established a new division to combat illegal activities on the TRON blockchain. This collaboration is expected to extend beyond the TRON network and contribute to the security of the entire blockchain ecosystem.
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TRON, Tether, and TRM Labs have teamed up to establish the T3 Financial Crimes Unit (T3 FCU), a pioneering effort to combat financial crimes in the cryptocurrency space. This effort actively targets illegal activities related to Tether’s USDT stablecoin on the TRON blockchain.
According to a Tuesday announcement shared by TRM Labs, T3 FCU will leverage the expertise of each partner to build a safer and more secure crypto community.
“TRON was born from the belief that technology can be used for good and empower people around the world,” said Justin Sun, founder of TRON Blockchain.
“By working with TRM Labs and Tether, TRON is helping ensure that blockchain technology is used to make the world a better place, and we believe that illegal activity has no place in our industry.” We are sending a clear message,” Sun said.
USTD, which leads the stablecoin market with a market capitalization of $117 billion, has become a target for criminals due to its stability and ease of use. The division aims to address the growing problem challenges while maintaining the integrity and benefits of blockchain technology.
“As stablecoin adoption continues to grow, it is important that key industry players proactively evolve their capabilities to combat illegal activity and ensure a safe and secure environment.” TRM Labs Chris Janczewski, global head of research at Constantly adapting your strategies is essential to combating evolving cryptocrime.
“At Tether, protecting the integrity of the blockchain ecosystem is a top priority and a responsibility we embrace as a major player in the digital asset space,” said Paolo Ardoino, CEO of Tether.
“This partnership underscores our dedication to working with industry leaders and law enforcement to combat illegal activity and ensure a safe environment for all users,” he added.
TRM will leverage its technology and expertise to help TRON and Tether detect and prevent transactions related to terrorism, sanctions evasion, theft, hacking, cybercrime, and fraud. This will support efforts to collaborate with law enforcement agencies around the world.
As noted in the announcement, since its inception, the division has successfully frozen over $12 million in USDT related to various criminal schemes.
The establishment of T3 FCU is a proactive step towards protecting the TRON network and its users from financial threats and ensuring a safe and prosperous digital asset industry.
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