- Tether has announced a new partnership with two crypto companies.
- The tie-up created a task force for combating crypto crimes.
- The task force has so far frozen millions in USDT linked to a blackmail scam.
On Tuesday, Tether announced it has partnered with two other companies to establish a task force to curb the illicit use of USDT on the TRON blockchain.
Dubbed the T3 Financial Crime Unit (T3 FCU), the initiative brings together the stablecoin issuer’s external investigations team, TRM Labs’ anti-financial crime expertise, and TRON’s technical know-how to facilitate “public-private” collaboration in the fight against USDT misuse.
Tether’s Partnership with TRON and TRM Labs
In a press release on September 10, Tether said the establishment of the T3 FCU was a significant step toward “impeding the ability” of malicious actors to launder and utilize proceeds of crime using USDT, safeguarding TRON’s integrity.
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As part of the partnership, it will support TRON and Tether in flagging transactions linked to alleged crimes such as hacking, terrorism, cybercrime, theft, fraud, and sanctions evasion.
“TRM will leverage its proprietary technology as well as its global network of expert investigators to generate intelligence. The work will support TRON’s and Tether’s efforts to disrupt criminal activity and aid collaborations with law enforcement around the world,” the statement read.
Per the statement, T3 FCU has collaborated with law enforcement to freeze over 12 million USDT linked to a blackmail scam, underscoring the unit’s dedication to cleaning up USDT issued on TRON.
The development follows a 2023 report by TRM Labs highlighting TRON as a conduit for nearly 45% of illicit crypto volume, up from 41% in the previous year. Ethereum and Bitcoin followed TRON at 24% and 18%, respectively.
The report ranked USDT as the stablecoin with the largest illicit volume, totaling $19.3 billion.
Stay updated on Tether’s venture into agriculture:
Tether Goes From Crypto to Crops in Shock $100M Deal
Read about Tether’s latest USDT minting on TRON:
Tether Mints 1 Billion USDT on Tron Amid Wider Crypto Market Recovery
