Spanish Authorities Freeze $26.4M USDT Linked to Crypto Laundering Network

The operation was conducted under the T3 Financial Crime Unit, a collaborative anti-crime initiative launched in August 2024 by Tron, Tether, and TRM Labs.
Investigation Tools:
- Law enforcement used police surveillance and blockchain analytics to trace funds.
- Know Your Customer (KYC) data from service providers played a critical role in tracking illicit wallets.

The dismantled criminal network used both cash and cryptocurrency to facilitate money laundering for various criminal enterprises.
This action represents the largest coordinated freeze under the T3 Unit, which froze $126 million in its first year of operation.

Tron Blockchain:
- Remains the leading blockchain for illicit transactions, with 58% of such activity occurring on its network.
- Recent efforts reduced illicit volumes by $6 billion.
- TRM Labs Data:
  - 49% of illicit activity on Tron involves sanctioned entities.
  - 32% is tied to blocklisted funds.
Tether (USDT):
- Continues to be the most-used asset for criminal activity due to its widespread adoption and liquidity.
- Stablecoin issuers like Tether and Circle have integrated mechanisms to freeze assets linked to illegal activities.

In November 2023, Tether froze $225 million in USDT linked to “pig butchering scams,” a coercive fraud scheme targeting victims through relationship-building.
To evade enforcement actions, criminal syndicates have shifted strategies, with platforms like Huione Guarantee—a dark web marketplace—launching their own stablecoins to bypass freezes.

Tether CEO Paolo Ardoino emphasized:”Let this serve as a clear warning—criminals who attempt to misuse Tether will get caught.”
This incident highlights the growing role of blockchain analytics and stablecoin controls in combatting financial crime, while also underlining ongoing vulnerabilities in the crypto ecosystem.