Blockchain project TRON and its founder Justin Sun have responded to the UN experts’ findings regarding the popularity of Tether’s USDT as a tool for illicit financial activities.
#Tron wholeheartedly supports the proposal of the United Nations, but we have different views on the professional facts and handling methods of blockchain technology. We welcome you to refer to this report. https://t.co/LF4ovqwKnK
— H.E. Justin Sun 孙宇晨 (@justinsuntron) January 19, 2024
Earlier, the organization highlighted that the stablecoin is increasingly used in romance scams and “pig butchering” schemes, as well as in the black market of online casinos in Southeast Asia.
“Organized crime has effectively created a parallel banking system using new technologies, and the spread of weakly or completely unregulated online casinos along with cryptocurrency has strengthened the criminal ecosystem in the region,” representatives of the international organization stated.
TRON stated that they fully support the UN’s stance against the illegal use of stablecoins like USDT. However, the team refuted the claim that transactions of the asset on the project’s TRC-20 protocol are the “preferred choice” for wrongdoers.
The network indeed accounts for more than 50% of the total volume of USDT transactions, developers confirmed. They added that they actively participate in the global exchange of data on blockchain operations, but due to the nature of the technology, they cannot influence third parties.
“To claim that TRON, Ethereum, or similar decentralized protocols can exert direct control over those who use this open-source technology is fundamentally incorrect,” the statement reads.
Justin Sun noted that UN experts misunderstand the “facts and methods of using blockchain technology.” He offered them cooperation with TRON and HTX DAO for educational purposes.
Back in January, the issuer of the stablecoin Tether also responded to the international organization’s experts’ claims regarding the use of USDT in illegal activities.