Sources: Tron, Tether, Binance, and TRM Labs' T3 Financial Crime Unit quietly dissolved in August due to slow response times, after freezing $250M in assets (Ryan Weeks/Bloomberg)
The joint task force brought together blockchain entities, stablecoin issuers, and analytics providers to combat illicit activities across their networks. Internal sources revealed that sluggish response times ultimately led the participants to shutter the collaborative operation in August. Before winding down, the initiative seized $250 million in questionable assets, though the companies have not announced any successor programs to replace the unit.
Key points
The quiet termination of the alliance leaves the participating organizations without a jo…: The quiet termination of the alliance leaves the participating organizations without a joint anti-crime entity.
Operational speed issues proved significant enough to dismantle an initiative backed by m…: Operational speed issues proved significant enough to dismantle an initiative backed by major cryptocurrency industry leaders.
Participating firms have not provided additional details regarding future collaborative a…: Participating firms have not provided additional details regarding future collaborative alternatives or independent crime prevention plans.
Sources checked by our analysis pipeline: 1
Bloomberg: |
Nick Wingfield / The Information: |
Stephanie Findlay / Financial Times: |
Calder Mchugh / Politico: |
Ben Thompson / Stratechery: |
Molly White / Citation Needed: |
Politico: |
Financial Times: |
Washington Post: |
Sasha Rogelberg / Fortune: |
Financial Times: |
Bloomberg: |
Bloomberg: |
Madison Mills / Axios: |
Jagmeet Singh / TechCrunch: |
David Swan / The Age: |
Rafe Rosner-Uddin / Financial Times: |
Mike Butcher / Pathfounders: |
Apple Developer: |
Bloomberg: |
Sawdah Bhaimiya / CNBC: |
Reuters: |
Ben Gartside / Wired: |
Yueqi Yang / The Information: |
Danial Azhar / Bloomberg: |
Stephen Council / Business Insider: |
Neil Kakkar / The Pragmatic Engineer: |
SemiAnalysis: |
Ryan Weeks / Bloomberg: |
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