An anti-crime coalition formed by prominent cryptocurrency companies has frozen assets worth more than $100 million in a bid to keep criminals away from their networks.

The T3 Financial Crimes Unit, co-led by Tether, Tron, and TRM Labs, works directly with law enforcement agencies around the world to “identify and disrupt criminal networks,” the coalition said. He said Thursday in a statement. Their goal is to ensure that bad actors cannot exploit Stablecoins like Tetherwhich criminals choose to launder their ill-gotten gains.

“T3 FCU’s ability to work closely with law enforcement around the world to effectively disrupt cybercriminals from using USDT on TRON is a proof of concept for public-private partnerships,” Chris Janczewski, head of global investigations at TRM Labs, said in a statement. “.

The T3 Financial Crimes Unit has monitored more than $3 billion in total volume since last August, analyzing millions of transactions across five continents. Finally, the group said it worked with local law enforcement agencies to freeze assets worth approximately $126 million.

Millions of people around the world use stablecoins — backed and pegged to the price of another asset, such as the US dollar — to hedge against inflation, send remittances, and make other peer-to-peer transfers. However, bad actors are fond of symbols too.

Criminals conducted nearly $40 billion in illicit stablecoin transactions from 2022 to 2023, representing... a report From blockchain data company Chainalogy appears. At the same time, law enforcement agencies and NGOs are increasingly weakening the connections between stablecoin transactions and financial fraud, such as money laundering and sanctions evasion.

United Nations a report The post in 2024 claimed that USDT transactions facilitated using Tron's TRC-20 protocol are the "preferred option" for bad actors. Tron founder Justin Sun refute These allegations, stressing that his team is working to eliminate crime on the blockchain.

Meanwhile, US prosecutors are allegedly investigating Tether for possible violations of sanctions and anti-money laundering rules, Wall Street Journal I mentionedciting sources familiar with the matter. Paolo Ardoino, CEO of Tether, has done this time and time again He denied any truth in these allegations.

Modified by Andrew Hayward