Tron and Tether React to UN's Report of TRC-20 USDT Being Used for Illicit Activities

By: Eliza Bennet

Tron founder, Justin Sun, has responded to the UN's recent report alleging the illicit use of TRC-20 USDT in illegal financial activities, terming it as a misrepresentation of professional facts about blockchain networks. Reacting to the report that particularly emphasized the increasing misuse of USDT in fraudulent transactions in Southeast Asia, Sun referred the United Nations to Tron DAO's official statement countering these accusations.

Tron DAO robustly denied the allegations, stating that it's inaccurate to allege that USDT transactions facilitated with Tron's TRC-20 protocol are the preferred choice for bad actors. Instead, it argued that Tron is the most popular blockchain network for USDT, controlling over half of the global market share due to its speed and low cost, which makes it the preferred network for all.

Meanwhile, Tether, the issuer of USDT, defended its operations stating that regulatory authorities monitor its stablecoins more compared to traditional banking systems. Tether's CEO, Paolo Ardoino, expressed his firm's readiness to collaborate with the UN to combat these illicit activities while emphasizing the need for education about blockchain technologies.

Justin Sun also confirmed the restoration of all services on HTX following a recent 'DDoS' attack, further emphasizing Tron's commitment to providing secure and reliable services.