Crypto Frauds: Tether and TRON Froze $126 Million in 2024

The hunt for scams in the cryptosphere still resembles a game of hide and seek where wrongdoers often stay one step ahead. In 2024, billions were misappropriated, plunging crypto investors into disarray. However, all is not bleak: initiatives to counter abuses are multiplying. Among them is the collaboration between Tether, TRON, and TRM Labs, which has helped freeze record sums, demonstrating formidable efficiency.

Tether and the T3 Alliance: a historic freeze for USDT

In August 2024, the T3 Financial Crimes Unit (T3 FCU) was born, uniting Tether, TRON, and TRM Labs in a technological crusade against financial crime. In just a few months, this alliance struck hard: $126 million in USDT frozen, covering crimes ranging from money laundering ($56 million) to investment scams ($36 million).

The T3 Financial Crime Unit (T3 FCU)—a collaboration between @trondao, @Tether_to, and TRM Labs—has frozen more than USD 100 mil in criminal assets globally, passing a significant milestone in its fight against crypto-related financial crime. Learn more: https://t.co/rje54Wv9Gg pic.twitter.com/fmMmLvfgHq

— TRM Labs (@trmlabs) January 2, 2025

Paolo Ardoino, CEO of Tether, celebrates:

« Crypto transactions are not anonymous; they are the most traceable. »

A statement that grates on purists advocating for decentralization and anonymity. For them, this surveillance of USDT could well open the door to state control of digital wallets.

Key figures:

• $3 billion monitored in USDT in 2024;
• 47 major incidents related to global fraud;
• More than $100 million frozen across 5 continents.

But this high-tech hunt is not without controversy: the freezing of funds raises heated debates around privacy and the right to financial autonomy. Between security prowess and Big Brother potential, Tether walks a tightrope.

TRON: a network on the front line against crypto crime

With the TRON blockchain at the heart of T3 FCU activities, the message is clear: criminals using TRX and USDT will not escape algorithmic vigilance. This is exemplified by the spectacular seizure of $225 million in November 2023, the outcome of the horrific “pig butchering” scheme, where Asian networks manipulate their victims before draining their accounts.

Justin Sun, founder of TRON, aptly summarizes the philosophy of the unit:

« If you use USDT for crimes, you will be caught. »

#T3FCU’s rapid success in freezing criminal assets sends an unmistakable message: if you’re using USDT on #TRON for crime, you will be caught. https://t.co/TDXSrs3PtO

— H.E. Justin Sun 🍌 (@justinsuntron) January 2, 2025

And for good reason, analyzing millions of transactions across five continents now makes criminal networks as visible as a disco ball in the dark.

The collective effort has even extended to geopolitical issues, such as the blocking of Venezuelan assets in response to U.S. sanctions. This example illustrates the potential for collaboration between blockchain technology and regulators, transforming TRON into a tool for global governance.

In 2024, North Korean hackers marked a sad record: $1.3 billion siphoned through 47 major incidents. This report highlights the urgency of intensifying the security of digital assets so that crypto becomes a sanctuary rather than a playground for crooks.