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TRON, Tether (the stablecoin) and TRM Labs, a blockchain forensics firm, announced their strategic partnership with TRON on the 10th of September, launching T3 Financial Crime Unit. The unit’s mission is to fight illegal USDT transaction on the TRON Blockchain. This partnership aims to identify and demolish criminal networks who use USDT as a currency for illicit activities. It uses advanced technology, and works in real-time with law enforcement.
T3 FCU is an innovative tool that uses real-time information and advanced analytics to identify and prevent illicit USDT transactions. TRON founder Justin Sun said that this is a part of TRON’s commitment to ensure that blockchain technology can be used to positively impact society while making clear that criminal activity will not be tolerated.
TRON continues to expand its ecosystem with more than 240,000,000 users, and over 8,4 billion transactions. Sadly, the low fees for transactions and its stability attracted criminals, such as money-launderers and terrorist groups, in addition to legitimate users. USDT, the stablecoin most commonly used for illegal activity, has overtaken USD Coin (USDC), whose illicit volume was $428.9 Million.
T3 FCU has been established in response to the increasing threat of USDT illegal transactions. In the first year since its creation, this unit has frozen USDT worth over $12,000,000 tied to scams including fraud and blackmail. Law enforcement agencies in the U.S.A., U.K. and Australia are supporting this effort. FCU investigators have identified at least 11 victims. Further investigations are expected to reveal more.
TRON, Tether and other stablecoins continue to be the market leaders despite the increase in illegal activity. Tether issued $1 billion more in USDT in August on the TRON Blockchain, increasing the USDT supply to $33 billion, $19 billion of which was minted in TRON, and 14 billion in Ethereum. TRON has now cemented its position as one of the key players in global stablecoins.
TRON’s rapid rise has attracted additional attention. Circle, which is the USDC issuer, announced earlier this year that it would no longer mint USDC for the TRON Network, due to concerns about risk management and regulation scrutiny. Campaign for Accountability, a non-profit organization that monitors money laundering and other illegal activities, raised concerns about TRON. This prompted Circle to make its decision.
TRON is still the dominant stablecoin transaction platform despite these obstacles. TRON’s blockchain is most efficient for USDT transaction, with a $1 fixed fee. The network has a USDT circulating supply currently of 60 billion dollars. Users continue to be attracted by its cost-effectiveness, even when regulators or watchdogs express concerns.
TRON’s ecosystem is safer and more secure with the creation of T3 Financial Crime Unit. TRON has taken a proactive step to protect its network from criminals by working with Tether Labs. The collaboration is a message that TRON wants to expand and grow, but it also cares about maintaining a trusted and safe platform for its legitimate users.
The T3 FCU’s efforts to identify more criminals and victims will be rewarded as it continues its collaboration with law enforcement agencies around the world. The proactive approach could help to deter criminal activity in TRON’s network and serve as an example for other platforms that face similar challenges.
T3 Financial Crime Unit, a unit that uses cutting-edge analytics and technology to fight financial crime within the crypto world, is an important force. TRON will continue to be committed to security. The future of blockchain and stablecoin transactions is now a lot safer.
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Source: cryptocoin.news
