Tron Creates Financial Crimes Unit to Monitor USDT Activities

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September 11, 2024

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The Tron network has announced the creation of a new Financial Crimes Unit, called “T3”. The objective is to monitor and combat illicit activities related to the use of the stablecoin USDT on its blockchain. The initiative is the result of a partnership with Tether, the issuer of USDT, and TRM Labs, a company specialized in preventing financial crimes in the digital ecosystem.

The creation of T3 reflects growing concerns about the misuse of cryptocurrencies, especially in the context of the increasing use of stablecoins. Tron, which has been significantly expanding its market share in decentralized finance (DeFi), has decided to take proactive measures to ensure the security and integrity of its network.

In August 2024, Tron experienced a substantial increase in the total value of stablecoins on its network. At the time, the market cap of stablecoins reached $60 billion. The majority of this amount is represented by USDT, which alone reached a market cap of $58.5 billion.

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This growth, while positive for the network, also raises concerns about the misuse of cryptocurrencies for illegal activities, such as money laundering and illicit financing. Therefore, the creation of the T3 Unit comes at a crucial time, aiming to combat these risks.

Tron and the T3 unit

The new unit will be responsible for monitoring suspicious transactions and preventing financial crimes that may occur within the Tron network, especially those related to USDT. The partnership between Tron, Tether and TRM Labs reinforces T3’s technical and operational capabilities to identify patterns of illicit behavior, using advanced on-chain analytics technology and artificial intelligence tools.

Justin Sun, founder of Tron, commented on the initiative, highlighting the importance of combating illegal practices in the cryptocurrency ecosystem.

“Tron was created with the purpose of using technology for good, empowering people around the world. Illicit activities have no place in our industry,” Sun said, reinforcing the network’s commitment to integrity and security.

Data from the TRM Labs report from April 2024 indicates that, in 2023, the Tron network hosted 45% of all illicit activity in the cryptocurrency ecosystem. This is an increase from the 41% recorded in 2022. This history of illegal behavior reinforces the need to create a unit dedicated to preventing these crimes.

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Additionally, the report highlighted a worrying increase in the use of USDT by terrorist groups. In 2023, there was a 125% increase in directions linked to terrorist financing campaigns using the Tron network.

Tron Creates Financial Crimes Unit to Monitor USDT Activities

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Tron Creates Financial Crimes Unit to Monitor USDT Activities