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Is TRON Safu? TRONDAO Teams Up with Tether to Launch T3FCU Crime Unit

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Tron is partnering with TRM Labs and Tether to combat USDT with T3FCU and crypto related crimes. Binance is active in fighting off hackers

Tron, trx-tron icon trx-tron icon Price Trading volume in 24h Last 7d price movement ,  is partnering with TRM Labs and Tether to combat USDT with T3FCU and crypto-related crimes. Binance is active in fighting off hackers.

Every year, hackers and scammers steal billions of dollars worth of crypto assets. Unfortunately, research findings show that some of these attacks are state-sponsored.

Allegedly, North Korea is the main culprit. According to a Chainalysis report, hackers stole over $1.7 billion in 2023. Encouragingly, this amount was nearly half of what was lost in 2022, standing at $3 billion.

Tron is partnering with TRM Labs and Tether to combat USDT and crypto related crimes. Binance is active in fighting off hackers

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Over the past few years, CEX hacks have reduced.

The focus is decentralized protocols, including lending platforms and decentralized exchanges (DEXes).

Where code is law, there is an obvious problem.

More crypto holders now know they are the true owners of assets, unlike in traditional finance.

Tron Partners With TRM Labs and Tether To Combat USDT-Fueled Crime

As part of this effort, Tron–the smart contracts platform–joins Tether and TRM Labs to establish the T3 Financial Crime Unit (T3 FCU).

The objective?

Well, it will be to combat illicit crypto activities, specifically revolving around USDT on the Tron blockchain.

Doing this will safeguard the integrity of the Tron network, attracting more users.

And it only makes sense.

Over half of the over $118 billion USDT in circulation resides on Tron.

Transacting on Tron is cheaper since the platform is more scalable, secure, and attractive to users, some of whom are scammers.

As part of this arrangement, TRM Labs will continue to support TRON and Tether by using its proprietary technology and a global network of detectives to identify suspicious USDT transactions.

 

Intel generated will go a long way in deterring criminal activity and assisting law enforcement.

T3 FCU has started on the right foot.

A few weeks after launching, it collaborated with law enforcement, freezing over 12 million USDT linked to various illicit activities, including blackmail and investment fraud scams.

From this, police are now investigating at least 11 victims and plan to pick out even more as they fast-track their investigations.

The good news is that Tron is not alone in its effort to fight crypto crime.

DISCOVER: The Next 1,000x Cryptocurrency in 2024

Binance Has Been In The Forefront

Binance, the world’s largest crypto exchange by client count, continues to work closely with law enforcement worldwide to detect and address all manner of financial and cyber crimes related to crypto.

The exchange has a solid and experienced financial crimes compliance team that includes former law enforcement agents and tax investigators.

Binance, given its role in crypto, has also been intervening, freezing accounts associated with hackers.

In 2022, they froze $450,000 of user funds stolen from Curve Finance.

They also assisted police in Thailand to dismantle a pick butchering scam network. Five members of the notorious group were apprehended, and assets worth over $275 million were seized.

EXPLORE: FTX’s Legal Maneuvering: The Battle Over $600 Million In Robinhood Shares

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Dalmas is an experienced journalist with over a decade in crypto, technology, and blockchain. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, and Entrepreneur, among others. He is passionate about crypto and is always on the lookout for the latest trends in these fields. Connect with Dalmas on X @Dalmas_Ngetich

View all Posts by Dalmas Ngetich

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