Michaela Alvez
The Tron T3 Financial Crime Unit, a collaboration with Tether and TRM Labs, has successfully frozen $100 million in USDT since its establishment in September.
The crime unit has made significant strides in tackling illicit financial activities within the crypto sector, playing a key role in blocking suspicious funds and improving compliance. The unit is dedicated to detecting and preventing illegal activities related to the stablecoin.
T3’s initiatives involved reviewing millions of transactions across five continents. In a recent update, the unit reported tracking over $3 billion in USDT transactions.
TRM Labs, using its blockchain intelligence tools, aids in identifying and freezing funds linked to criminal activity on the Tron blockchain. With $60 billion in USDT circulating on Tron, making it the second-largest stablecoin network after Ethereum, a significant portion of frozen funds are traced to “money laundering as a service” operations.
Criminals often turn to dark web platforms to launder illegal profits while maintaining anonymity. T3’s initiatives also target a broad spectrum of severe crimes, including fraud, terrorism financing, drug trade, and various financial violations.
The financial crime unit’s investigation has revealed alarming links to North Korean operatives, with approximately $3 million in USDT believed to be funneled into funding the regime’s activities through cryptocurrency schemes.
North Korea Crypto Scheme Funded Weapons Programs
North Korea has increasingly leveraged cryptocurrency to fund its operations, with reports revealing that the regime has been involved in sophisticated crypto hacks and money laundering schemes.
As global authorities intensify their focus on the country’s illicit activities, a rising number of cyberattacks linked to North Korean hackers are being traced back to efforts to circumvent sanctions and finance its agendas.
On December 17, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two individuals and a company involved in laundering millions of dollars in illicit funds, allegedly tied to North Korean operatives.
While the precise amount of laundered funds has not been revealed, the operation was said to be focused on supporting North Korea’s development of weapons of mass destruction (WMD) and ballistic missile programs.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
