Spanish authorities freeze $26.4M linked to crypto crime

Spanish law enforcement has successfully frozen $26.4 million in cryptocurrencies associated with a pan-European money laundering operation.

This action was taken in collaboration with blockchain firms Tron (CRYPTO:TRX), Tether (CRYPTO:USDT), and TRM Labs as part of an initiative launched in August 2024 known as the T3 Financial Crime Unit.

The investigation utilised police surveillance and Know Your Customer (KYC) data to identify the criminal organisation and its crypto wallets involved in illicit activities.

“This organisation moved millions across borders, using both cash and crypto to help criminal groups launder their profits,” a spokesperson for the Guardia Civil stated.

This coordinated freeze marks the largest operation conducted by the T3 Unit to date, contributing to a total of $126 million seized within its first year of activity.

Tron has reportedly implemented security measures that have reduced illegal transactions on its blockchain by approximately $6 billion.

According to TRM Labs, nearly half of the illegal activities associated with Tron are linked to sanctioned entities, while 32% involve blacklisted funds.

Despite these efforts, Tron remains the leading blockchain for illicit transactions, with 58% of such activities occurring on its network.

Tether's USDT is also noted as the most commonly used asset for criminal purposes, highlighting the challenges faced by stablecoin issuers in combating misuse.

“Let this serve as a clear warning—criminals who attempt to misuse Tether will get caught,” stated Tether CEO Paolo Ardoino emphasised the company's commitment to preventing misuse of their platform.