Significant illicit trading volumes on the Tron and Ethereum networks have exceeded 17.7 billion USDT.
In Brief
Blockchain data analysis company Bitrace The investigation found that between September 2022 and September 2023, a significant portion of these illicit trades was carried out through unauthorized currency exchanges, contraband commodity transactions, and illegal payment processes, encompassing a range of cryptocurrency operations linked to criminal activities.
Between September 2022 and September 2023, Bitrace's review indicated that Tron and Ethereum the Tron network alone was associated with 17.07 billion USDT in illicit funds, with an additional 670 million USDT linked to Ethereum. USDT on Ethereum.
The nature of the illegal transactions included unapproved currency trades and unlawful exchanges of goods, as well as various cryptocurrency operations associated with criminal acts.
These discoveries suggest that Tron has inadvertently evolved into a prime network for engaging in illegal activities, particularly within under-the-radar markets.
⭐️TRON is the blockchain network mainly utilized by black and gray market activities
— Bitrace (@Bitrace_team) November 28, 2023
Blockchain data analysis company #Bitrace A financial audit was conducted on the business addresses of significant third-party payment guarantee platforms, revealing that the scope of funds used for illegal trading from September 2022 to September 2023 reached 17.07 billion USDT on the Tron network and 670 million USDT on Ethereum. pic.twitter.com/Ttd5lgWVHg
The appealing traits of Tron, such as low transaction fees and seamless transfer processes, have made it popular among legitimate investors. However, these same qualities have unintentionally facilitated a rise in black and gray market operations, leading to its prevalent use in illegal trades.
Implications for Blockchain Networks
The alarming extent of illegal activities on the Tron and Ethereum networks raises critical concerns regarding the accountability and challenges that blockchain networks must address to curb misuse. illicit activities .
Bitrace's findings underscore the urgent need for improved monitoring and regulatory frameworks to mitigate the exploitation of these platforms. The report shines a light on the vast scale of illegal trading operations taking place on both Tron and Ethereum networks.
These revelations highlight an immediate demand for stricter governance and oversight within the blockchain landscape. As the industry continues to expand, tackling these issues becomes essential to maintain the security and integrity of blockchain technology.
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