The T3 FCU, forged from a collaboration between Tether, the Tron network, and TRM, has seized 12 million USDT just a few weeks after launch.
Leading stablecoin issuer Tether has announced a strategic collaboration with the Tron network to curb heightening crypto-related crimes. The new partnership will involve a third-party security firm, TRM Labs, the Tuesday blog update revealed.
The collaboration led to the establishment of the T3 Financial Crime Unit (T3 FCU), which is aimed at apprehending illicit USDT user activities in the Tron network. Notably, Tether has minted the highest USDT on the Tron network, with over 50% of its $118 billion in use on the blockchain.
Per the report, the collaboration would combine TRM’s anti-crime financial expertise, the technical prowess of the Tron network’s technical team, and Tether’s external investigation team. The goal is to promote security and serenity in the Justin Sun-affiliated network.
T3 FCU Records Success on Debut
Tether revealed that the T3 had recorded a notable success despite the collaboration still being in its infancy. The stablecoin issuer stated that the new firm had frozen $12 million from bad actors in its few weeks of operation.
The report further disclosed that T3 FCU had identified 11 victims affected by the illicit activities and was working closely with the local authorities to ensure adequate reimbursement. Tether or the parties involved didn’t disclose further details on the alleged asset freeze.
Stakeholders React
Reacting to the collaboration, Tron’s founder, Justin Sun, stated that T3 was one of the blockchain’s ways of showing its disapproval of illegal activities using cryptocurrencies. He asserted he believes digital assets improve the world, and T3 aims to allow empowerment through blockchain technology without hurting proponents.
Furthermore, Tether’s CEO Paolo Ardoino stated that the issuer has taken a leadership leap with the T3 FCU collaboration and intends to ensure the safety of its users in Tron and other networks. He asserted that Tether was proud of its partnership with the Tron network and TRW.
Tether has been in the news recently for the right reasons. According to The Crypto Basic report, the leading stablecoin issuer partnered with Phoenix Group and Green Acorn to launch a Dirham-pegged stablecoin.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
