Tether, TRON and TRM Labs form new “crime unit” to combat illegal use of USDT

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Three major players in the crypto space are joining forces to prevent misuse of USDT, the largest stablecoin by market capitalization.

Tether announces in a new press release that it is joining forces with TRON (TRX) and blockchain intelligence company TRM Labs to create the first private financial crime unit called the T3 Financial Crime Unit (T3 FCU).

“Tether, TRON and TRM Labs today announced that they have joined forces to create the T3 Financial Crime Unit (T3 FCU), a first-of-its-kind initiative aimed at facilitating public-private collaboration to combat illicit activities related to the use of USDT on the TRON blockchain.

This novel collaboration brings together the anti-financial crime expertise of TRM Labs, a leading blockchain intelligence company, the technical expertise of TRON, a leading global blockchain and DAO, and the third-party investigation team of Tether, the largest company in the digital asset industry, to create a safer crypto community for all.”

According to the announcement, T3 FCU has already frozen over $12 million in cryptocurrency funds linked to various scams.

As the largest stablecoin by market cap, USDT has become a medium for some illegal activities. The FCU is currently focused on curbing illegal USDT transactions on TRON.

TRON founder Justin Sun says:

“TRON was born out of the belief that technology can be used for good and empower people around the world. By working with TRM Labs and Tether, TRON is helping to ensure that blockchain technology is used to make our world a better place and is sending a clear message that illegal activities are not welcome in our industry.”

Earlier this year, Tether assisted the U.S. Department of Justice (DOJ) in recovering $5 million worth of USDT.

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