An initiative set up by some of crypto’s largest companies to curb illicit activity has quietly been dissolved, at a time when crime involving digital assets continues to surge.
The organization behind the Tron blockchain partnered with stablecoin issuer Tether and analytics firm TRM Labs to establish the T3 Financial Crime Unit in September 2024, pledging to create a “safer and more secure” crypto industry. A year later, digital assets exchange Binance joined its ranks and the group said it had frozen a total of $250 million in illicit assets globally, working alongside law enforcement agencies.
