Spanish law enforcement, in collaboration with several different blockchain firms – Tron, Tether and TRM Labs, has decided to freeze $26.4 million in illicit digital assets linked to a European money laundering operation.
Importantly, the operation involved collaboration with the ‘T3 Financial Crime Unit’.
T3 is an anti-crime initiative launched in August 2024 by the three aforementioned blockchain companies.
Spanish authorities freeze $26.4M in crypto tied to money laundering
Spanish law enforcement, working with blockchain firms Tron, Tether and TRM Labs, has frozen $26.4 million in cryptocurrencies linked to a Europe-wide money laundering network, according to Cointelegraph. The…
— CoinNess Global (@CoinnessGL) January 27, 2025
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Freeze Of $26 Million Adds To T3 Units Total Of $126 Million In Frozen Illicit Funds
Police surveillance was utilized to identify the crime organization after its crypto wallets were found to be connected to illicit activities using Know Your Customer (KYC) data from service providers. Notably, this marks the T3 Unit’s largest coordinated freeze to date, adding to the $126 million recorded in its debut year.
“This organization moved millions across borders, using both cash and crypto to help criminal groups launder their profits,” a spokesperson for the Spanish law enforcement agency Guardia Civil said in a press release.
Furthermore, reports state that Tron’s security efforts have allegedly reduced illicit volumes on its blockchain by $6 billion. TRM Labs found that 49% of Tron’s illegal activity is linked to sanctioned entities, with 32% tied to blocklisted funds.
However, Tron is still the number one blockchain for illicit transactions. 58% of such activity occurs on the network, while Tether’s USDT is the most-used asset for criminal activities, according to research from TRM Labs.
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USDT Regularly Used For Criminal Activity: Tether Decided To Freeze $225 Million In USDT
Our investigation team at @okx froze $225 Million in USDT that was stolen by a major scam and human trafficking syndicate in Southeast Asia.
Would like to thank @Tether_to, @chainalysis, and @zachxbt for making this record breaking achievement possible! https://t.co/7eCvbc1prO
— Blake Cohen (@BlakeCohen_) November 20, 2023
The use of centralized stablecoins like such as USDT and USDC for freezing funds associated with criminal activity is a well-established practice. Most leading Stablecoin issuers have built-in protocols to block transactions linked to illegal activities.
“Let this serve as a clear warning—criminals who attempt to misuse Tether will get caught,” Tether CEO Paolo Ardoino said in the press release.
Tether made headlines in November 2023 when they froze $225 million in USDT linked to pig butchering scams. These are fraudulent schemes that involve coercion and relationship-building to swindle victims, with the lonely and elderly often targetted.
That freeze by Tether followed a lengthy investigation by the US Department of Justice. In collaboration with the US DOJ and crypto exchange, OKX, Tether froze the $225 milion. This came after it had been linked to a human trafficking group in Southeast Asia.
BONUS: Best Wallet ($BEST) Close To $10 Million Raise In Its Presale As Investors Go Crazy For Its Token Launchpad Feature
Best Wallet ($BEST) is a new web3 crypto wallet packed full of revolutionary features. It is putting market-leaders such as Metamask to shame. Best Wallet is a good option for both crypto investors and traders. Its native token, $BEST, is currently in presale stage and has raised over $8.3 million to date.
As a non-custodial wallet, it prioritizes user ownership and security by storing private keys locally on the user’s device. This ensures that only the wallet owner has access to their funds, safeguarding assets even in the unlikely event that the wallet provider ceases operations.
Best Wallet is a multi-asset wallet that not only supports the safe storage of cryptocurrencies but is also accompanied by built-in DEX aggregator. So, users can buy, sell, and swap cryptocurrencies directly within the wallet. Currently, over 60 chains are supported by Best Wallet
Token Launchpad In Best Wallet Gives Users Access To Vetted Presales At ‘Phase 0’
Its ‘Token Launchpad’ feature is what the market seem to be going crazy for. Within the Best Wallet app, users are given exclusive early access to partner presales. These carefully curated presales are selected based on a comprehensive review of the project’s whitepaper and tokenomics, meaning the hard work is already done.
Users can then buy at Phase 0 before the presale goes fully live, ensuring the best purchase price. By simply going to the app’s ‘Upcoming Tokens’ section, you can buy presale tokens and access all essential information.
This includes the presale token’s current price, roadmap, and launch date. Once purchased, tokens will be visible exclusively in Best Wallet, allowing you to track their value through the presale stages.
Currently on offer via the Upcoming Tokens section in the Best Wallet app are the super-hot Wall Street Pepe ($WEPE), Mind Of Pepe ($MIND) and Meme Index ($MEMEX) presales.
You can also download Best Wallet on Google Play or the Apple App Store. From there, you can see the aforementioned presales in the Upcoming Tokens section.
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