Spanish law enforcement, in collaboration with blockchain companies Tron, Tether, and TRM Labs, has frozen $26.4 million in cryptocurrency believed to be connected to a money laundering network operating across Europe. The operation was carried out by the T3 Financial Crime Unit, a joint initiative formed by the three companies to fight illicit financial activities. Tron's CEO, Justin Sun, acknowledged that criminals are drawn to blockchain's beneficial features, but emphasized that the transparency of Tron makes money laundering more difficult. The investigation relied on police surveillance, investigative techniques, and KYC records to identify crypto wallets involved in illegal activities. This is the largest asset freeze conducted by the T3 FCU, bringing the total frozen funds since its creation to $100 million. The T3 FCU collaborates with global law enforcement agencies to disrupt criminal activities relying on blockchain transactions. Despite security measures reducing illicit transaction volumes on the Tron network, it remains the most used for illegal transactions, accounting for 58% of criminal activity in the sector. Tether's USDT stablecoin is the preferred asset for unlawful financial movements. Tether's CEO reaffirmed the commitment to work with law enforcement agencies to dismantle criminal networks and freeze illicit funds. Tether has cooperated with over 220 law enforcement agencies in 51 countries, freezing over 2,400 addresses worth a total of $2.2 billion.



Other News from Today