- Crypto Consortium T3 Financial Crime Unit helps Spanish officials seize $26.4 million in money laundering.
- The illegal organizations help criminals to launder their money across the globe.
Crypto Consortium T3 assisted Spanish authorities in freezing $26.4 million linked to a crime syndicate involved in money laundering operations. The investigators tracked down the blockchain addresses linked to international crime networks.
According to officials, the syndicate operated in multiple European jurisdictions and provided cash-to-crypto laundering services to various Illicit enterprises. This was the largest freeze since T3 FCU launched.
Crypto Consortium T3 Financial Crime Unit was founded in August 2024. It is a joint initiative by Tron, Teather, and TRM labs to help law enforcement agencies to take down criminal activities across the globe.
Initially, this criminal organization was identified through police surveillance. Then, officials used various investigation techniques and took help from Virtual Asset Service Providers (VASPs) to investigate Know Your Customer (KYC) records.
All these records link the group with money laundering activities. Guardia Civil spokesperson reported that these organizations transfer millions of cryptocurrencies and cash to help criminals launder their profit from criminal activities.
Spanish Authorities Gave Credit to T3 FCU for Tracking the Criminal Syndicate
Spanish authorities gave credit to T3 Financial Crime Unit (T3 FCU) for tracking these criminal activities. On this, Guardia Civil spokesperson highlights that with T3 FCU assistance they were able to freeze more than $26.4 million in assets.
Justin Sun, founder of the TRON blockchain, and Paolo Ardoino, CEO of Tether gave their positive reactions. Justin Sun said,
“This operation exposes an uncomfortable truth: Criminals are drawn to the same features that make blockchain revolutionary — speed, efficiency, and borderless transactions. But by freezing over USD 26 million through coordinated action with law enforcement, we’re showing that TRON’s transparency actually makes it harder, not easier, to launder money.”
Paolo Ardoino, CEO of Tether, highlighted the importance of this operation. He called this operation a testament to the power of blockchain technology in combating illicit activities. He also emphasized that Tether has a partnership with more than 220 law enforcement agencies in more than 51 jurisdictions. This could immobilize more than 2,400 addresses valued at 2.2 billion USDT.
The case highlights the importance of collaboration between private entities and law enforcement agencies. As cryptocurrencies are used in illegal activities, collaborations like these can help to halt them.
Highlighted Crypto News Today:
El Salvador Lawmakers Fast-Track Bitcoin Reform After IMF Deal
