TRON DAO and Tether have frozen $12 million crime proceed
TRON DAO has teamed up with Tether to take significant action in the fight against criminal activities, freezing $12 million worth of USDT as part of their latest initiative. This collaboration is part of the efforts of a newly established task force known as the T3 Financial Crime Unit (T3 FCU). According to a post shared by TRON DAO on September 16, the task force, in coordination with law enforcement, managed to halt the movement of these illicit funds on the TRON blockchain.
Although the statement didn’t provide in-depth details, TRON DAO emphasized that this action plays a crucial role in boosting security within the cryptocurrency space. This swift intervention is viewed as a necessary step in safeguarding the integrity of the crypto industry.
Just last week, TRON DAO announced the launch of the T3 FCU task force, a joint effort alongside TRM Labs and stablecoin issuer Tether, aimed at tackling the rising issue of financial crime, specifically focusing on the misuse of USDT on the TRON network. Tether’s data shows that TRON hosts nearly 50% of USDT’s $118 billion supply, while Ethereum accounts for about 39%.
Circle, the issuer of USDC, has recently come under scrutiny for its slow response in blacklisting a wallet linked to the Lazarus Group, a North Korea-backed hacker organization. On September 14, blockchain investigator ZachXBT criticized Circle for taking over four months longer than other major stablecoin issuers to blacklist funds associated with the group. He accused Circle of neglecting the ecosystem’s health for profit, even allowing money laundering through its platform.
Despite this criticism, USDC remains the second-largest stablecoin, with a market capitalization of approximately $35 billion, according to CryptoSlate’s data.
