Law Enforcement, Private Firms Seized Over $300M in Crypto Linked to Fraud Schemes: Report
Main Idea
Law enforcement and private firms, including TRM Labs, TRON, Tether, and Binance, have seized over $300 million in cryptocurrency linked to fraud through collaborative initiatives like the T3 Financial Crime Unit and Project Atlas.
Key Points
1. TRM Labs, TRON, Tether, and Binance collaborated under the T3 Financial Crime Unit (T3 FCU) to seize over $250 million in crypto from criminal proceeds.
2. Project Atlas, led by the Ontario Provincial Police, and Operation Avalanche, led by the BC Securities Commission, froze $74 million in crypto linked to fraud across multiple countries.
3. Fraudulent investment schemes remain a global issue, with Ponzi schemes being a significant concern despite enforcement efforts.
4. The T3 initiative has worked closely with law enforcement agencies worldwide to identify and disrupt criminal networks, freezing over $250 million in illicit assets in less than a year.
5. Chainalysis supported operations that identified over 2,000 crypto wallet addresses linked to fraud victims in 14 countries, preventing more than $70 million in losses.
Description
Two parallel initiatives by law enforcement and private companies have frozen over $300 million in crypto in an anti-fraud crackdown. According to Bleeping Computer , blockchain intelligence firm TRM Labs, TRON, Tether, and Binance joined the T3 Financial Crime Unit (T3 FCU) initiative launched in September 2024. Dubbed the T3+ Global Collaborator Program, the operation has seized more than $250 million in criminal assets worldwide since launch. “Since its inception in September 2024, T3 FCU has...
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