On Wednesday, the T3 Financial Crimes Unit (FCU), integrated by Tether, Tron, and TRM Labs, announced that it had frozen close to $9 million linked to one of the largest cryptocurrency thefts ever, the Bybit hack. Paolo Ardoino, CEO of Tether, highlighted that the company remained “unwavering in its commitment to stopping illicit actors in their tracks.” Ardoino remarked this development shows that bad actors in the industry have fewer places to hide and that stablecoin tech can be as secure and transparent as it is transformative. The organization has managed to recover over $150 million in only 7 months since it was launched in September 2024.
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