The application of Spanish law, in partnership with Blockchain Tron, Tether, and TRM Labs companies, froze $ 26.4 million in cryptocurrency linked to a money laundering network operating across Europe .
The operation was carried out by the T3 Financial Crime Unit, an initiative formed in August 2024 by the three companies to combat illicit financial activities.
FCU T3 operation
Justin Sun admitted to an X post that the operation stresses that “criminals are attracted by the same characteristics that make the blockchain revolutionary – speed, efficiency and transactions without border”.
However, he pointed out that by freezing more than $ 26 million thanks to coordinated efforts with the police, the transparency of Tron ultimately makes money laundering more difficult, not easier.
According to a press release, the probe on the money laundering operation relied on the surveillance of the police to discover the criminal organization. The authorities have also used various investigative techniques and know your customer recordings (KYC) of virtual asset service providers to successfully connect several cryptographic portfolios to illegal activities.
“This organization has moved millions of borders, using both money and crypto to help criminal groups bleaching their profits,” said a spokesperson for Guardia Civil in Spain.
This last action is the largest freezing of the active ingredients carried out by T3 FCU so far, adding to the $ 100 million in frozen funds since its creation. The unit, created in August 2024, collaborates with global law organizations to disrupt the criminal activities based on blockchain transactions.
Tron has reduced illegal $ 6 billion transactions
On the other hand, security measures on the TRON network would have reduced the volumes of illicit transactions on the $ 6 billion blockchain. The analysis of TRM Labs shows that 49% of the activity prohibited on blockchain is linked to sanctioned entities, while 32% involves blacklist.
Despite these discounts, the network remains the most used for illegal transactions, representing 58% of criminal activity in the sector. Tether’s Stablecoin USDT remains the favorite asset for illegal financial movements.
Tether CEO Paolo Ardoino said the operation highlighted the role of blockchain in the fight against illicit activities. He reaffirmed the commitment to protect the financial system by working with world police to dismantle criminal networks.
“Let this serve as a clear warning-the criminals trying to use the Tether will be caught,” he said.
Ardoino added that the Stablecoin transmitter cooperated with more than 220 law enforcement agencies in 51 countries, freezing more than 2,400 addresses with a total of $ 2.2 billion.
In November 2023, the company engaged for $ 225 million in the USDT linked to a global romantic scam known as “pork butcher”. The following month, he also locked 161 Ethereum wallets, of which 11 contained more than $ 3.5 million in USDT.
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