T3 Financial Crime Unit aids in busting crime syndicate

Spanish authorities have successfully dismantled a multinational European financial crime syndicate with the assistance of the T3 Financial Crime Unit, a coalition comprising Tron, Tether, and TRM Labs, CoinDesk reports.

The crime syndicate, known for providing cash-to-crypto laundering services, operated across several European jurisdictions and catered to various criminal enterprises.

The Guardia Civil of Spain revealed that the syndicate was identified through police surveillance, aided by investigative measures and Virtual Asset Service Provider (VASP) Know Your Customer (KYC) records. The collaborative effort between public authorities and the T3 Financial Crime Unit was crucial in tracking the illicit activities.

T3 has announced that it seized assets worth $26.4 million in what it described as the most significant coordinated asset freeze since its inception last year. To date, T3 has been instrumental in freezing a total of $126 million linked to financial crimes.

Chris Janczewski, head of investigations at TRM Labs, emphasized the importance of public-private partnerships in tackling cryptocurrency-related crimes. According to Janczewski, such collaborations combine the traditional expertise of law enforcement with the technical capabilities of the private sector, which are essential for crypto investigations.

Janczewski also highlighted the unique composition of the T3 team, which includes former law enforcement officials experienced in bridging the gap between cryptocurrency and traditional policing. This expertise has strengthened the capabilities of agencies like the Guardia Civil to connect on-chain activity with real-world crime.

Paolo Ardoino, CEO of Tether, contributed to the release by stating that Tether has worked with over 220 law enforcement agencies from more than 51 jurisdictions. This collaboration has led to the freezing of more than 2,400 addresses, totaling nearly 2.2 billion USDT.

Europol’s release added further details about the crime syndicate, noting that it was mainly composed of Ukrainian nationals, along with individuals from Armenia, Azerbaijan, and Kazakhstan.

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