USDT on TRON Blockchain to be Monitored for Illicit Crypto Activity by New Task Force
Nearly 45% of all illicit cryptocurrency volume was found on the Tron blockchain, according to 2023 TRM Labs research. The Justin Sun-founded blockchain is currently participating in a task force aimed at combating financial fraud alongside TRM Labs and USDT issuer Tether. The largest stablecoin on Tron, USDT, will be the target of illegal conduct that the task force, the T3 Financial Crime Unit (T3 FCU), will combat.
TRON originated with the belief that technology can be used for good and to empower people across the globe. By collaborating with TRM Labs and Tether, TRON is helping to ensure that blockchain technology is used to make our world a better place, and sends a clear message that illicit activity is not welcome in our industry.
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TRM Labs to Help Tron and Tether Fight Illicit Crypto Activity with Advanced Intelligence Suite
In order to assist Tron and Tether in analyzing blockchain activity and identifying suspicious patterns, TRM Labs is reportedly going to employ their intelligence suite. According to TRM Labs representatives, the objective is to reduce the overall unlawful volume of cryptocurrency to zero, even though it is currently modest. Circle, a competitor of Tether, said in February that it would cease minting USDC on Tron, citing its risk management structure as justification.
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
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