A coalition formed by Tether, Tron, and TRM Labs has successfully frozen over $126 million in USDT associated with criminal activities. This initiative, known as the T3 Financial Crime Unit (T3 FCU), collaborates with law enforcement agencies globally to disrupt criminal networks that exploit cryptocurrency. Since its inception, T3 FCU has monitored over $3 billion in USDT transactions, aiming to prevent bad actors from laundering money using the technology. In response to a significant $40 billion in illicit stablecoin transactions reported between 2022 and 2023, the coalition emphasizes its commitment to ensure that cryptocurrencies are not misused for illegal purposes. Despite the concerns, Tron’s founder, Justin Sun, asserts their dedication to tackling financial crime. Moreover, Tether faces scrutiny from U.S. prosecutors regarding possible sanctions and anti-money laundering violations. The coalition’s efforts highlight the importance of public-private partnerships in combating cybercrime in the digital asset space.

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