Tron, Tether, and TRM Labs Unite via Financial Crime Unit T3, Freeze $126 Million in Illicit Funds

Tron announced T3's achievement on X, calling it a 'significant milestone.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 3 January 2025 20:19 IST

Tron, Tether, and TRM Labs Unite via Financial Crime Unit T3, Freeze $126 Million in Illicit Funds

Photo Credit: X/ @TronDAO

The T3 unit was established in August last year

Highlights

$36 million (roughly Rs. 308 crore) were linked to investment scams
$65 million (roughly Rs. 557 crore) associated with money laundering
Funds linked to hacks, illicit drugs also seized as part of T3 efforts

In recent years, rising crime in the crypto space has drawn the attention of the FBI and other global law enforcement agencies. To aid in tracking laundered crypto funds, Tron, Tether, and TRM Labs established T3, a specialized financial crime unit aimed at curbing illicit activities. In a recent update, Tron confirmed that T3 has successfully retrieved and frozen $126 million (roughly Rs. 1,081 crore) in crime-related funds.

Tron is a blockchain-based platform built on Ethereum that enables developers to create decentralised Web3 applications. Tether is the issuer of the USDT stablecoin, while TRM Labs is a blockchain intelligence firm focused on solving crypto-related crimes. The three entities launched the T3 unit in August 2024 with the goal of preventing the misuse of USDT on the Tron network by criminals.

On January 2, Tron shared T3's milestone on X, calling it a “significant achievement.” Since its launch, T3 has recovered $126 million (roughly Rs. 1,081 crore) from criminals worldwide.

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The recovered funds include $36 million (roughly Rs. 308 crore) tied to investment scams and $65 million (roughly Rs. 557 crore) linked to money laundering. Other cases involve funds related to hacks, illicit drugs, and blackmail scams, with $5.5 million (around Rs. 47 crore) identified as connected to terror financing.

Tron has stated that the T3 unit can respond to crypto-related threats within five days of detection.

The T3 Financial Crime Unit (#T3FCU), a collaboration between #TRON, @Tether_to , and @trmlabs, has frozen more than USDT 100 million in criminal assets globally, passing a significant milestone in its fight against cryptocurrency-related financial crime.@CoinDesk… pic.twitter.com/iksHKkZtjJ
— TRON DAO (@trondao) January 2, 2025

In the past, other Web3 firms have taken similar measures to trace illicit crypto funds in circulation and prevent the misuse of virtual digital assets.

Binance, for instance, worked with the Delhi Police to seize Rs. 84 lakh (about 100,000 USDT) linked to a renewable energy fraud case. The exchange also partnered India's Enforcement Directorate to tackle the Fiewin gaming scam, which defrauded users of $47.6 million (roughly Rs. 400 crore).

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In December last year, blockchain data firm Chainalysis acquired Israeli security firm Hexagate to enhance its Web3 security offerings for the industry..

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Further reading: Cryptocurrency, Tron, Tether, TRM Labs, Illici Crypto Funds, Binance

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More