News ReleaseT3 Financial Crime Unit, Spanish Authorities Freeze $26.4M in Crypto Scheme
TRON DAO
Madrid, Spain – January28, 2025 – The T3 Financial Crime Unit (T3 FCU), a joint initiative from TRON, Tether, and TRM Labs, worked with Spain's Guardia Civil to freeze USD 26.4 million linked to a sophisticated money laundering operation. The investigation targeted blockchain addresses connected to an international criminal network. According to Spanish authorities, the organization operated across multiple European jurisdictions, providing cash-to-crypto laundering services for criminal enterprises. The operation represents T3 FCU's largest coordinated freeze since its launch last year. "This operation exposes an uncomfortable truth: Criminals are drawn to the same features that make blockchain revolutionary — speed, efficiency, and borderless transactions. But by freezing over USD 26 million through coordinated action with law enforcement, we're showing that TRON's transparency actually makes it harder, not easier, to launder money,” said Justin Sun, founder of the TRON blockchain. Spanish authorities identified the organization through police surveillance, and were assisted by several investigative measures and Virtual Asset Service Provider (VASP) Know Your Customer(KYC) records, definitively linking the addresses to money laundering purposes. "This organization moved millions across borders, using both cash and crypto to help criminal groups launder their profits," said a Guardia Civil spokesperson. "Working with T3 FCU, we were able to freeze more than USD 26.4 million in assets. This partnership gives law enforcement powerful new capabilities in our fight against organized crime." The case highlights the growing importance of public-private partnerships in securing digital assets, particularly as stablecoins become increasingly central to global finance. “This operation is a testament to the power of blockchain technology in combating illicit activities,” said Paolo Ardoino, CEO of Tether. “As the issuer of USDT, we are committed to protecting the integrity of the financial system and working with global law enforcement to expos e an d dismantl e crimina l networks. Th e freezin g o f th e asset s demonstrate s Tether' s commitment to clamping down on illicit actors and its zero-tolerance approach towards money laundering and financial crime. Let this serve as a clear warning — criminals who attempt to misus e Tethe r wil l ge t caught. T o date, Tethe r ha s als o collaborate d wit h mor e tha n 22 0 la w enforcement agencies across more than 51 jurisdictions to freeze more than 2,400 addresses amountin g t o approximatel y 2. 2 billio n USDT. ” "Financial crime has historically thrived in the gaps between jurisdictions," said Chris Janczewski, head of global investigations at TRM Labs. " What's groundbreaking about T3 FCU is how it mirrors the borderless nature of blockchain itself — combining TRM's global analytic s capabilitie s wit h TRON' s expansiv e networ k an d Tether' s marke t insight s t o suppor t law enforcement wherever crime occurs.” Through its collaboration with law enforcement agencies across five continents, T3 FCU has frozen over USD 126 million linked to illicit activities since launch. The unit combines TRM Labs' blockchai n intelligenc e technolog y wit h TRO N an d Tether' s commitmen t t o ecosyste m securit y to identify and disrupt criminal activity worldwide. About TRON TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps. Foundedin September 2017 by H.E. Justin Sun, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018.Until recently, TRON hosted the largest circulatin g suppl y o f US D Tethe r (USDT ) stablecoin, exceedin g $6 0 billion. A s o f Januar y 2024, the TRON blockchain has recorded over 286 million in total user accounts, more than 9.5 billion in total transactions, and over $21.7 billion in total value locked (TVL), based on TRONSCAN. Media contact: press@tron.network About Tether Tether i s a pionee r i n th e fiel d o f stablecoi n technology, drive n b y a n ai m t o revolutioniz e th e global financial landscape. With a mission to provide accessible and efficient financial, communication, artificia l intelligenc e an d energ y infrastructure. Tethe r enable s greate r financia l inclusion, and communication resilience, fosters economic growth, and empowers individuals and businesses alike. A s th e creato r o f th e largest, mos t transparent, an d liqui d stablecoi n i n th e industry, Tethe r i s dedicated to building sustainable and resilient infrastructure for the benefit of underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is committed to bridging the gap between traditional financial systems and the potential of decentralized finance. Media contact: press@tether.to About TRM Labs TRM Labs provides blockchain intelligence to help law enforcement and national security agencies, financial institutions, and cryptocurrency businesses detect, investigate, and disrupt crypto-related fraud and financial crime. TRM’s Blockchain Intelligence platform includes solutions to follow the money, identify illicit activity, build cases, and construct an operating picture of threats. TRM is trusted by a growing number of leading agencies worldwide who rely on TRM for their blockchain intelligence needs. TRM is based in San Francisco, CA, and is hiring across engineering, product, sales, and data science. To learn more, visit www.trmlabs.com. Media contact: press@trmlabs.com Contact Details Yeweon Park press@tron.network Company Website https://trondao.org/
January 29, 2025 03:02 PM Eastern Standard Time
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