Justin Sun, founder of TRON, shared the remarkable success of its blockchain in reducing illicit crypto activity in the latest post on X. The report published by blockchain intelligence company, TRM Labs highlights that TRON saw the biggest decline in illicit activity, with a $6 billion drop and the proportion of such transactions nearly halving.
In 2024, TRON became a safe haven for wrongdoers as it contributed the largest share of illicit transactions (58% of illicit volume). This is followed by Ethereum (24% of illicit volume), Bitcoin (12% of illicit volume), Binance Smart Chain (3% of illicit volume), and Polygon (3% of illicit volume).
The numbers speak for themselves. Already seeing huge success for T3 FCU… and this is just the start. @Paoloardoino @Tether_to Looking forward to what we achieve together in 2025… and reading the full Crypto Crime Report from @trmlabs https://t.co/jS6jHCxgeq. pic.twitter.com/QPvarHg6uH
— H.E. Justin Sun 🍌 (@justinsuntron) January 16, 2025
TRON Strives To Curb Scams and Frauds
The progress can be credited to TRON’s proactive efforts in enhancing blockchain security and compliance. In August 2024, TRON, Tether, and TRM jointly launched the T3 Financial Crime Unit (T3 FCU) to combat illegal transactions on the network.
Since its inception, T3 FCU has facilitated the freezing of over $130 million in illicit funds, which also shows the power of public-private collaboration in making the crypto ecosystem safer, according to the report.
Justin Sun celebrated the success of T3 FCU, saying “This is just the start”. As Tron continues to refine its security measures, it strives to set a new industry standard.
Fraud-related crypto inflows saw a 40% decline in 2024, yet they remain substantial at $10.7 billion. However, TRM notes that actual scam and fraud figures may rise as delayed reports came in. The drop is mainly due to a reduction in Ponzi and pyramid scheme activity, which collectively received $4.3 billion–a 37% compared to 2023.
Also Read: Vietnam Cracks Down on Crypto Mining Scam Group Targeting 200 Victims