Justin Sun celebrates Tron progress in fighting crypto crime
Justin Sun celebrates Tron progress
Tron, a leading blockchain network, made significant strides in combating financial crime in 2024, cutting down illicit activity by $6 billion.
The initiative, spearheaded by the network’s T3 Financial Crime Unit (T3 FCU), focused on intercepting illegal funds and collaborating with key partners, including Tether, to recover stolen assets, according to the Cryptopolitan.
Justin Sun, Tron’s founder, announced the success of these measures on X, highlighting the progress made despite the network’s historical reputation for high volumes of illicit activity. Sun noted the importance of the T3 FCU in addressing fraud, scams, and sanctioned transactions, which often exploited Tron’s low fees and rapid transaction speeds.
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A Coordinated Effort to Secure the Network
Tron’s T3 FCU worked closely with Tether to identify and freeze funds linked to blacklisted addresses and sanctioned entities, intercepting $132 million in the first few months of 2024. The crackdown extended to confidence scams, which dropped by 58%, though dark marketplaces saw a resurgence, with activity rising by 20% compared to 2023.
Stablecoins remained central to Tron’s ecosystem, with TRC-20 USDT facilitating a significant portion of its transaction volume. However, the same attributes that made it popular also attracted bad actors. Tron accounted for 58% of illicit crypto activity in 2024, compared to 24% on Ethereum and 12% on Bitcoin.
As blockchain adoption grows, Tron aims to improve its reputation and security while balancing its role as a cost-efficient, high-speed network. With ongoing efforts to curb illegal activity and promote transparency, Tron is positioning itself as a leader in addressing the challenges of financial crime in decentralized ecosystems.
In 2024, the Tron network achieved $2.12 billion in revenue, a 115% increase from 2023. TRX token purchases contributed $329.57 million, up 115.73% year-over-year, according to TronScan.
