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China's Underground Money Laundering Network: The 'Magic' Behind Global Crypto Crime
A shocking report from TRM Labs recently revealed: from North Korean hackers, Mexican drug gangs, Russian mafia to sophisticated crypto scams on Telegram—all rely on an underground network in China to launder digital money amounting to billions of dollars. This is not just about covert transactions on the blockchain, but a highly sophisticated illegal financial system run by Chinese criminal organizations operating transnationally.
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The Alliance of Tether, Tron, and TRM Labs Successfully Blocks 126 Million USD USDT Related to Crime
A crime-fighting alliance led by Tether, Tron, and #TRM Labs has successfully coordinated with law enforcement agencies worldwide, freezing over 126 million USD USDT related to criminal activities. This is a significant step in the effort to combat the misuse of stablecoins for money laundering and financial fraud.
T3 Financial Crime Unit: The spearhead against blockchain crime
T3 Financial Crime Unit: The spearhead against blockchain crime
Tron, Tether, and TRM have frozen $26.4 million connected to a European cryptocurrency laundering syndicate.
Spanish law enforcement, in collaboration with blockchain firms Tron, Tether, and TRM Labs, has frozen $26.4 million in cryptocurrencies associated with a pan-European money laundering operation. This effort was part of the T3 Financial Crime Unit, an anti-crime initiative launched in August 2024 by these three blockchain companies.
The investigation employed police surveillance to identify the criminal organization. Utilizing Know Your Customer (KYC) data from service providers, the T3 Unit successfully connected the crypto wallets to illicit activities. This operation marks the largest coordinated freeze to date, adding to the $126 million frozen in the unit’s inaugural year.
According to the reports, a spokesperson for the Spanish law enforcement agency Guardia Civil stated in a press release, “This organization moved millions across borders, using both cash and crypto to assist criminal groups in laundering their profits.”
Tron’s security measures are reported to have reduced the volume of illicit activities on its blockchain by $6 billion. According to TRM Labs, 49% of Tron’s illegal activity is linked to sanctioned entities, while 32% is associated with blocklisted funds.
Stablecoin issuers have built-in mechanisms to block transactions related to illegal activities. Tether CEO Paolo Ardoino said in the press release that, “Let this serve as a clear warning criminals who attempt to misuse Tether will be caught.”
In November 2023, the U.S. Department of Justice investigated scams, Tether froze $225 million in USDT connected to “pig butchering” scams.
"Disclaimer: This is for informational purposes only and not endorsed by Binance. Crypto investments are volatile and can lead to losses. Do your own research. Not financial advice."
#Tether #EuropeanSyndicate #TRM #BlockchainSecurity" #CryptoNewss
Spanish law enforcement, in collaboration with blockchain firms Tron, Tether, and TRM Labs, has frozen $26.4 million in cryptocurrencies associated with a pan-European money laundering operation. This effort was part of the T3 Financial Crime Unit, an anti-crime initiative launched in August 2024 by these three blockchain companies.
The investigation employed police surveillance to identify the criminal organization. Utilizing Know Your Customer (KYC) data from service providers, the T3 Unit successfully connected the crypto wallets to illicit activities. This operation marks the largest coordinated freeze to date, adding to the $126 million frozen in the unit’s inaugural year.
According to the reports, a spokesperson for the Spanish law enforcement agency Guardia Civil stated in a press release, “This organization moved millions across borders, using both cash and crypto to assist criminal groups in laundering their profits.”
Tron’s security measures are reported to have reduced the volume of illicit activities on its blockchain by $6 billion. According to TRM Labs, 49% of Tron’s illegal activity is linked to sanctioned entities, while 32% is associated with blocklisted funds.
Stablecoin issuers have built-in mechanisms to block transactions related to illegal activities. Tether CEO Paolo Ardoino said in the press release that, “Let this serve as a clear warning criminals who attempt to misuse Tether will be caught.”
In November 2023, the U.S. Department of Justice investigated scams, Tether froze $225 million in USDT connected to “pig butchering” scams.
"Disclaimer: This is for informational purposes only and not endorsed by Binance. Crypto investments are volatile and can lead to losses. Do your own research. Not financial advice."
#Tether #EuropeanSyndicate #TRM #BlockchainSecurity" #CryptoNewss
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