The T3 Financial Crime Unit, a collaboration between Tron blockchain, stablecoin issuer Tether and blockchain intelligence company TRM Labs, said it has frozen a total of $100 million in Tether’s USDT used by illegal actors since the blockchain was launched. was established in September.
The firm analyzed millions of transactions spanning five continents and monitored a total volume of more than 3 billion USDT, the largest stablecoin ever, T3 said in a statement.
T3 includes TRM Labs using its blockchain intelligence and monitoring tools to help Tron and Tether identify and freeze USDT associated with illegal activities. There is almost $60 billion in USDT Issued on the Tron blockchain, the largest issue behind Ethereum, a little over $75 billion.
As a money-laundering service, bad actors hire businesses to launder illicit funds on the dark web, and are the largest source of frozen funds, said Chris Janczewski, head of global investigations at TRM Labs. Investment scams, illegal drugs, terrorist financing, blackmail scams, hacking, exploits and even violent crimes are also being targeted, he told CoinDesk.
“Blockchain is a bad place for money laundering because it’s so transparent. We can confirm victim reports on the public blockchain and even identify other victims, a level of insight that’s not possible with traditional finance,” Janczewski said.
About 3 million of the frozen USDT was linked to North Korea trying to get into crypto projects in order to raise funds for the regime of the country’s leadership, said T3. US Department of the Treasury published in December North Korea’s money laundering network has been shut down.
“In the end, we hope that our efforts will not only help victims recover their funds, but also make bad actors think twice before engaging in illegal activities on blockchains like Tron,” Janczewski said.
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