Singapore — September 10, 2024 — TRON, Tether, and TRM Labs today announced they have joined forces to establish the T3 Financial Crime Unit (T3 FCU), a first-of-its-kind initiative aimed at facilitating public-private collaboration to combat illicit activity associated with 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 firm; the technical expertise of TRON, a leading global blockchain and DAO; and external investigations team at Tether, the largest company in the digital asset industry, to create a safer and more secure crypto community for all.

Since its inception, the initiative, working with law enforcement, has successfully frozen over USDT 12 million in funds linked to a blackmail scam, an investment fraud scheme, and other illegal activities. Authorities are aware of at least 11 victims affected by these scams and anticipate identifying more victims as investigations continue.

Stablecoins like USDT are the foundation of the digital asset industry, providing a stable value storage and enabling smooth transfer of funds across platforms. With over $117 billion USD in market capitalization and over 50% of its circulating supply operating on the TRON blockchain, USDT is crucial for facilitating transactions and liquidity. However, the same features that make USDT on TRON appealing to legitimate users — low fees, stability, and ease of use — have also attracted scammers, terrorist financiers, and other malicious actors. As the TRON blockchain’s popularity and user base expand due to its high throughput and low transaction costs, it also faces increased exposure to these criminal elements. The creation of the T3 FCU represents a significant step towards preventing malicious actors from laundering and using criminal proceeds, safeguarding the integrity of the TRON blockchain.

As part of this collaboration, TRM will provide ongoing support to TRON and Tether in identifying transactions linked to alleged illegal activities such as terrorism, sanctions evasion, theft, hacking, cybercrime, and fraud. TRM will leverage its proprietary technology and its global network of expert investigators to generate intelligence. This effort will support TRON’s and Tether’s endeavors to disrupt criminal activity and facilitate collaborations with law enforcement worldwide.

By collaborating proactively to identify and disrupt illicit activity, the T3 FCU aims to promote security and prosperity across the TRON network and beyond. “TRON was founded on the belief that technology can be used for good and to empower people around the world,” said Justin Sun, founder of the TRON blockchain. “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 sends a clear message that illicit activity is not welcome in our industry.”

“At Tether, safeguarding the integrity of the blockchain ecosystem is a top priority and a responsibility we embrace as a key player in the digital asset space. This commitment drives us to take proactive measures in helping maintain the security and trustworthiness of the ecosystem,” said Paolo Ardoino, CEO of Tether. “We’re proud to have worked with TRM Labs and TRON in this pioneering effort. This collaboration highlights our dedication to joining with industry leaders and law enforcement to combat illicit activity, ensuring a secure environment for all users.”

“As adoption of stablecoins continues to grow, it’s crucial that key industry players proactively enhance their capabilities to fight illicit activity and ensure a safe and secure environment,” said Chris Janczewski, head of global investigations at TRM Labs. “TRM is proud to collaborate with TRON, Tether, law enforcement, and others who are committed to helping build a safer blockchain industry for all.”

About TRON DAO

TRON DAO is a community-driven DAO dedicated to accelerating the decentralization of the internet through blockchain technology and dApps.

Founded in September 2017 by Justin Sun, the TRON network has consistently delivered impressive accomplishments since MainNet launch in May 2018. July 2018 also saw the integration of BitTorrent, a pioneer in decentralized Web3 services, boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of August 2024, it has over 247 million total user accounts on the blockchain, more than 8 billion total transactions, and over $22 billion in total value locked (TVL), as reported on TRONSCAN.

Furthermore, TRON boasts the largest circulating supply of USD Tether (USDT) stablecoin globally, surpassing USDT on Ethereum since April 2021. The TRON network achieved complete decentralization in December 2021 and is now governed by its community as a decentralized autonomous organization (DAO).

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About Tether

Tether is a trailblazer in stablecoin technology, aiming to revolutionize global finance. With a mission to provide accessible and efficient financial, communication, artificial intelligence, and energy infrastructure, Tether promotes financial inclusion and communication resilience, fuels economic growth, and empowers individuals and businesses alike.

As the creator of the industry's largest, most transparent, and liquid stablecoin, Tether is dedicated to building robust and sustainable infrastructure for the benefit of underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, Tether bridges the gap between traditional finance and the potential of decentralized finance.

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About TRM Labs

TRM Labs provides blockchain intelligence to help law enforcement, national security agencies, financial institutions, and cryptocurrency businesses detect, investigate, and disrupt crypto-related fraud and financial crime. TRM's Blockchain Intelligence platform includes solutions to track the flow of funds, identify illegal activities, build evidence, and create an operational picture of threats. TRM is trusted by a growing number of leading agencies worldwide who rely on TRM for their blockchain intelligence needs. TRM is based in San Francisco, CA, and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com. Media contact: [email protected]