Proactive Measures by TRON DAO: Over $12 Million in USDT Frozen
TRON DAO, the decentralized organization responsible for the TRON blockchain, recently announced the successful freezing of over $12 million in USDT linked to illicit activities by its newly established T3 Financial Crime Unit (T3 FCU).
In a post dated September 16 on X, TRON DAO highlighted their decisive action:
“While others didn’t act, the T3 Financial Crime Unit, in collaboration with law enforcement, had already frozen over $12 million in USDT on TRON tied to illicit activities.”
Although further specifics were not disclosed, TRON DAO underscored that this preemptive measure fosters trust and enhances security within the cryptocurrency ecosystem.
Collaboration with TRM Labs and Tether
Last week, TRON DAO unveiled a partnership with TRM Labs and stablecoin issuer Tether to tackle financial crime involving USDT, which is the largest stablecoin on the market. Notably, Tether’s data indicates that nearly 50% of its $118 billion USDT supply resides on the TRON blockchain, with approximately 39% on Ethereum.
Circle Under Fire: Delays in Action Against Money Laundering
This announcement comes amid criticism directed at Circle for its slow response in blacklisting a wallet associated with the North Korea-affiliated Lazarus Group.
On September 14, blockchain analyst ZachXBT accused Circle of prioritizing revenue over the integrity of the crypto industry. He pointed out that Circle took more than four months longer than its competitors to blacklist funds related to the Lazarus Group.
Concerns Over Compliance and Security
ZachXBT further remarked that Circle permitted money laundering on its platform while attempting to maintain an image of compliance and protection within the crypto community. He stated:
“Not once has [Circle] ever blacklisted after a DeFi exploit/hack when there was ample time while [they] continue to profit off the transactions.”
As of now, Circle’s USDC ranks as the second-largest stablecoin in the crypto space, boasting a market capitalization of approximately $35 billion, according to data from CryptoSlate.
Keywords: TRON DAO, T3 Financial Crime Unit, USDT, financial crime, Tether, Circle, USDC, money laundering
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