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CrossCurve’s Innovative solution for Consolidating Fragmented Liquidity in DeFi

DeFi

Liquidity has challenged decentralized finance since its very earliest days. Today, liquidity is fragmented across multiple protocols, platforms, and liquidity pools.

For traders, fragmentation increases the risk of price slippage. For liquidity providers, fragmentation means lower capital efficiency and lower returns. For everyone, a lack of interoperability increases the complexity of DeFi, raising barriers to participation.

Fragmentation means that absolutely everyone gets a raw deal. Solving the issue is the Holy Grail of decentralized finance – the ultimate prize.

CrossCurve unifies liquidity

Enter CrossCurve, the game changer that ends fragmented liquidity. CrossCurve enables low-slippage cross-chain swaps of any asset type, from stablecoins to liquidity provider tokens, and liquid staking tokens, supported by Curve’s deep liquidity in the billions of dollars.

CrossCurve, a cross-chain trading and yield protocol, is the product of a partnership between EYWA and Curve. CrossCurve reshapes the DeFi landscape, taking all the pain and hassle out of cross-chain transfers. It is a unified, one-stop-shop solution.

CrossCurve connects Ethereum, Optimism, Arbitrum, BSC, Polygon, and Avalanche under one roof. A simple and intuitive interface harnesses unparalleled power in the DeFi market, with slippages to rival centralized exchanges.

CrossCurve will undoubtedly please experienced users who are all too aware of the sector’s challenges.

From magic to reality with Curve’s founder investment

The partnership between EYWA and Curve came after the former caught the attention of Curve’s founder and CEO, Michael Egorov. Egorov was so impressed by EYWA’s work he became the lead investor in the project. Egorov led a successful $5 million funding round that also featured other notable backers including Big Brain Holdings, Mulana Capital, and Mapleblock Capital.

As Egorov explained, the decision to invest was an easy one given the potential of CrossCurve.

“EYWA builds a very interesting solution: it’s not just your typical bridge. They solve the problem of liquidity fragmentation between chains by creatively composing Curve meta pools and the actual bridge. Having one liquidity pool working across multiple chains sounds like magic, and it is exciting to have Curve AMMs in the core of this magic.”

And though EYWA’s solution may seem like magic, Egorov is clearly a believer. The possibilities of unifying the DeFi market are just too compelling to pass over.

Pioneering Change in DeFi with Cross-Chain

Through collaboration with Curve and EYWA, CrossCurve is poised to revolutionize the DeFi sector. This “magic” solution means big changes are coming to decentralized finance.

For traders, CrossCurve offers increased capital efficiency and low cross-chain slippages, even when dealing with large volumes. Slippages are further reduced by CrossCurve’s unique architecture, which improves liquidity utilization.

CrossCurve facilitates the migration of liquidity without impermanent loss, maximizing yields for liquidity providers. CrossCurve cuts costs for projects too, allowing ultra-fast scaling and growth. Its introduction will also represent a paradigm shift for Web3 projects. With it they can create cross-chain listings and their own liquidity pools, accessing the maximum number of users and the maximum liquidity possible from the market.

Web3 projects that list their token against crvUSD/Stables/WBTC/WETH/Curve LPs can receive yield from CrossCurve, Curve, and Convex.

At every corner of the market, for every kind of user, the benefits of CrossCurve are clear. Finally, the fragmentation of decentralized finance will end.

ZachXBT Recovers Majority of Funds from Stolen NFT Sale

Crypto News Today/DeFi

Pseudonymous on-chain researcher ZachXBT has successfully recovered the majority of funds from the sale of a rare DeGods nonfungible token (NFT), which was pilfered in May 2023 following the original NFT holder’s unfortunate entanglement in a phishing scam.

In a post dated Feb. 24, ZachXBT relayed the outcome of his nine-month inquiry into the theft of the DeGods #3251 NFT to his 505,200 followers, revealing that most of the funds have now been restored to the victim.

The NFT was auctioned off in May 2023 for 99 Ether, valued at approximately £127,000 at the time.

“I am pleased to share that I was able to help recover a decent chunk of the stolen funds which have now been returned back to the victim,” said ZachXBT.

ZachXBT received a distress call from the victim in May 2023, shortly after the victim discovered his wallet had been emptied, seeking ZachXBT’s aid in reclaiming his digital artwork.

The duration of ZachXBT’s investigations can vary depending on the intricacies involved.

He frequently employs simple diagrams to elucidate to his followers how the phishing scams unfolded and to trace the movement of funds, even across cryptocurrency mixers.

“While recovery can sometimes be a protracted process, it is indeed achievable, and I am always eager to share such success stories,” he remarked.

ZachXBT also disclosed his intention to wrap up his pro bono blockchain investigation work soon.

He made this revelation following feedback from users expressing frustration because he did not assist them in recuperating their pilfered cryptocurrency, notwithstanding his reiterated assurance that this service is provided free of charge.

“This is precisely why I am ceasing all public interest work shortly,” he asserted.

ZachXBT has been a prominent figure in various sectors of the cryptocurrency industry, aiding in unraveling crypto-related crimes for both individuals and national authorities.

In October 2022, Cointelegraph reported that French authorities were leveraging ZachXBT’s research to apprehend the perpetrators behind the theft of NFTs valued at $2.5 million.

Christophe Durand, deputy chief of France’s national cyber unit, informed the AFP that they became aware of the incident following ZachXBT’s investigation on social media.

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Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards

Press Releases

Dubai, UAE, February 26th, 2024, Chainwire

The Layer-1 Received the Top Honor at the Eurasia Awards While Experiencing a Period of Unprecedented Growth and Recognition

Sui, the layer 1 blockchain that has experienced explosive growth since its mainnet launch in 2023, has emerged as the winner at the Eurasia Awards held during the second edition of AIBC Eurasia in Dubai. The gala event, renowned for its world-class attendance and previous winners such as Animoca Brands and Crypto.com, witnessed the Sui Foundation being honored for the leading position the blockchain has achieved during the past months. Other nominees for the 2024 award included Near Protocol and 1inch Network.

Sui’s recognition comes amidst its significant growth and influence in the blockchain space. The Sui ecosystem has gained significant traction during the past months. The layer 1 recently surpassed $600M in Total Value Locked (TVL) and secured a spot in the top 10 of DeFi ecosystems. Likewise, examination of token flows via Wormhole—a leading cross-chain protocol that supports Sui—shows that, of the almost $500M worth of funds that left Ethereum through Wormhole in the last 30 days, over 64% of it was moved to Sui.

The award decision was made on February 11, while the ceremony and the announcement took place on February 25, at the Festival Arena in Dubai. Sui’s dedication to pushing the boundaries of blockchain technology, as evidenced by its recent partnerships and expansions, has solidified its position as a leader in the industry.

Greg Siourounis, Managing Director of the Sui Foundation, said, “It’s truly an honor for Sui to receive this important recognition from AIBC. Winning the Eurasia Award for best blockchain solution speaks to the hard work and impactful contributions of the entire Sui community including our local partners like Ghaf Labs. This award should inspire builders on Sui to continue leveraging the network’s unique advantages and also encourage new or existing projects to opt into the fast-growing Sui ecosystem.”

The AIBC Eurasia Awards featured a diverse array of categories, each shining a spotlight on exceptional contributions within the blockchain and gaming industry. Other notable categories included “Web3 Gaming Leader of the Year,” “Crypto/Web3 Media of the Year,” and “Best Metaverse Project 2024.”

This distinguished panel that selected Sui as the Blockchain of the Year included industry veterans and business leaders such as Olga Yaroshevsky (Ph.D. and AIBC’s Lead Producer), Pavel Matveev (CEO at Wirex), and Giacomo Arcaro (renowned seed investor and Ethereum evangelist).

Contact

Sui Foundation
media@sui.io

Aethir Unveils Its First Decentralized AI Node Sale

Press Releases

Singapore, Singapore, February 26th, 2024, Chainwire

Aethir, a leader in decentralized GPU cloud infrastructure, has announced its highly anticipated Node Sale. Aethir is an enterprise-grade, AI and Gaming-focused GPU-as-a-service provider. Aethir’s decentralized cloud computing infrastructure enables GPU providers to connect with enterprise clients who need the raw power of NVIDIA’s H100 chips for sophisticated AI/ML tasks.

In addition, Aethir’s infrastructure supports cloud gaming clients and has contracts with the world’s largest gaming and telecom companies, taking advantage of its flexibility and coverage across technological and operational expertise.

$ATH token is the native token for the Aethir network, to reward node providers and checkers for maintaining the Aethir Decentralized Cloud Infrastructure network. This decentralization starts first with the Checker Nodes, the validator of our ecosystem, equal opportunity to participate, equal opportunity to validate, and equal opportunity to earn an additional bonus for catching bad actors and slashing their rewards.

Aethir aims to be an enterprise-first infrastructure partner leveraging the Arbitrum ecosystem for DePIN and AI, as it will host its node infrastructure in the ecosystem and prepare for its own node sale on Arbitrum.

Why Run a Node on Aethir?

Running a node on Aethir contributes to the decentralization of cloud compute and earn rewards from being a network participant. The first type of node in the Aethir network that will be made available is the checker node, a node for any user to operate to help in the verification of the uptime, latency, quality of service, and computational power provided by other node participants in the future. Aethir’s team always strives to ensure a decentralized approach in every aspect of the project. The team’s commitment to decentralization and community ownership starts with opening up the decentralization of the checker nodes licenses, which play a critical role in the ecosystem in validating service provision within the Aethir infrastructure.

The Node Sale details are as follows:

100,000 nodes available in a tiered pricing system.
Nodes will be sold on Arbitrum via a public sale.
Nodes are transferable one year post-sale.
Rewards will be accrued and earned upon a vesting logic for each user
No cap on the number of nodes one can purchase.
Special allotment for the Aethir community, partners, and KOLs for whitelists for early adopters of the network

Exclusive Revenue Opportunities for Node Operators

As a node operator in Aethir’s ecosystem, users stand to earn up to a total of 15% of the total supply of the Aethir ecosystem (over the course of the next four years) set aside for checker Node Operators specifically. Other rewards will be set aside for other mining and technical participation roles within the network. Nodes earn rewards for helping verify the data and service provision within the network, serving as checks and balances for the future mining throughput of AI-enabled processing chips and other computational power.

This checker node sale gives the opportunity for anyone to be a part of the network to support in the build up of a decentralized ecosystem for the largest collection of decentralized AI computational power, without forcing every regular user to be ready on day one to participate in heavy duty computational work.

Tiered Public Node Sale – A Chance for Everyone to Participate

With nodes starting at $500 per checker node, and then increasing at each tier, and whitelists set aside for different participants amongst Aethir community, partner communities, KOLs, and venture capital teams, this sale has been designed to involve all types of participants.

Users will be participating with wrapped ETH (WETH) on Arbitrum network, and full details of the sale will be available at this link: http://checker.aethir.com The details of running the node will be made available at the time of testnet launch.

Aethir is excited to announce the first ever tiered decentralized AI public node sale, ensuring fair and broad access to its burgeoning network. While a select number of nodes have been reserved for whitelists, including KOLs and members of the Aethir and partner communities, the majority of the nodes are open to the public to purchase on a first come first serve basis. This structure guarantees that everyone has the opportunity to join Aethir’s revolutionary journey towards decentralization.

KOLs will receive a unique referral code to share with their community, earning a referral fee for each node sale made using their code.

Node Sale Timeline

Node sale announcement: February 26, 2024, 12 PM UTC
Impossible Whitelist campaign: Feb 27 2024, 10AM UTC to 14 March 10AM UTC
Node sale launch: March 20, 2024, 10 AM UTC
Network launch: Q2 2024

For more details on how to purchase and run a node, stay tuned to Aethir’s official channels.

Aethir’s Ecosystem and Your Role

As node operators, you’re an integral part of Aethir’s ecosystem, earning rewards for your crucial computing contributions once the network goes fully live. Aethir is on a mission to accelerate the world’s transition to universal cloud computing—and you’re invited to join this journey through our Initial Node Offering.

More on Aethir

Aethir’s Unprecedented Product Traction
Secured a mid 7-figure annual contract with the world’s largest telco, scaling to 8-figures by Q2 2024.
On track to sign three more enterprise contracts in Q1 2024.
Signed three contracts for cloud gaming, with over ten more anticipated in Q1 2024, including partnerships with the world’s largest gaming company boasting 150M+ MAU and a 22% conversion rate.
Grown to over 170k+ community members.
Proud members of NVIDIA’s Inception Program, equipped with a strong lineup of H100 chips that even Meta (Facebook) is acquiring in billions.
Backed by the Best
Our mission is supported by an impressive roster of committed investors, including Maelstrom, Mirana Ventures, Animoca Brands, Sanctor Capital, Hashkey, Merit Circle and CitizenX, IVC, Framework Ventures, and Infinity Ventures Crypto.
Meet the Team Behind the Mission
Mark Rydon – Co-founder and CEO – Mark has held key roles at NOTA Platform, Flux Capital, Gaas LTD, Kulture Athletics, Inc., and Bechtel Corporation.
Daniel Wang – Co-founder and CBO – roles at Mythos Venture Partners (GP), Prior at IVC (Venture Partner), YGG SEA (CIO), Riot Games (Head of International Publishing Mgmt), Riot Games – China (Head of Operations).
Kyle Okamoto – CTO – Kyle has served as the CEO & General Manager at Ericsson’s IoT, Automotive, and Security businesses, CEO of Edge Gravity, and Chief Network Officer at Verizon Media.
Paul Thind – CRO – Paul, currently the CRO at Aethir, previously co-founded and served as CEO at Triggerspot Inc and was an advisor at Creadits and Trick Studio.

About Aethir

Aethir is revolutionizing DePIN with its advanced, distributed enterprise-grade GPU-based compute infrastructure tailored for AI and gaming. Backed by leading Web3 investors like Framework Ventures, Merit Circle, Hashkey, Animoca Brands, Sanctor Capital, Infinity Ventures Crypto (IVC), and others, with over $32 M in funds raised for the ecosystem, Aethir is paving the way for the future of decentralized computing.

Users who want to be a part of the node sale and help shape the future of AI and gaming can check Aethir’s official node sale link to learn how to participate in the sale.

Contact

Marketing Director
David Costello
Aethir
dave@aethir.com

US Attorney Requests Tighter Travel Restrictions for Former Binance CEO CZ

Crypto News Today

The United States Attorney’s Office has petitioned a federal judge to endorse additional travel constraints for former Binance CEO Changpeng “CZ” Zhao.

In a filing dated Feb. 23 in U.S. District Court for the Western District of Washington, U.S. Attorney Tessa Gorman urged Magistrate Judge Brian Tsuchida to ratify a motion outlining the terms for CZ to remain at liberty on bail.

Prosecutors requested that Zhao confine his travels to within the contiguous U.S. until his sentencing hearing on April 30 and furnish three days’ notice for any excursions to enable the government to lodge objections.

The U.S. Attorney’s Office also sought CZ’s surrender of his Canadian passport and “all other current and expired passports and travel documents” to his legal representatives.

Zhao, who also holds citizenship in the United Arab Emirates, had sought permission to journey there to visit relatives prior to his sentencing — a plea the judge dismissed.

As per the filing, “Zhao’s counsel object to this motion as written,” indicating that his legal team may persist in seeking a means for the former Binance CEO to depart the country.

In November 2023, CZ pleaded guilty to one felony count for failure to maintain an effective Anti-Money Laundering program at Binance.

Since the indictment, he has remained at liberty on a $175 million bond.

Zhao resigned as Binance CEO as part of a $4.3 billion settlement between the crypto exchange and U.S. authorities.

On Feb. 23, Judge Richard Jones approved the $1.8 billion fine and forfeiture of $2.5 billion.

CZ, Binance, and Binance.US still face a civil case with the U.S. Securities and Exchange Commission, which filed a lawsuit in June 2023.

“This truly is a case where the ethics of the company were compromised by greed,” remarked Judge Jones during the Feb. 23 hearing.

Following CZ’s departure, Richard Teng, former Binance head of regional markets, assumed the role of CEO.

In a December 2023 interview with Cointelegraph, Teng portrayed the exchange as “completely different” compared to its operations six years prior.

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Reddit and Google Forge AI Partnership to Boost Model Training

Crypto News Today

Google and the social media platform Reddit have forged a partnership, with Reddit supplying its content to aid in training the artificial intelligence (AI) models of the search engine giant.

In an announcement, Reddit stated it would furnish Google with enhanced techniques for model training.

Under this collaboration, Google gains access to Reddit’s data application programming interface (API), delivering real-time content from Reddit’s platform.

This access enables Google to tap into Reddit’s vast content repository, facilitating the integration of Reddit content across Google’s suite of products.

In return, Reddit will utilise Vertex AI, Google’s AI-driven service tailored to improve search outcomes for businesses.

Reddit has clarified that this update does not alter the terms of its data API, maintaining restrictions on commercial access without prior approval for developers or enterprises.

This partnership follows reports from Bloomberg indicating that Reddit had secured a $60 million training deal with an undisclosed AI firm.

Reddit had previously outlined intentions to levy charges for API usage. Notably, the collaboration with Google represents Reddit’s inaugural known agreement with a prominent AI developer.

In 2023, Google revised its privacy policy to permit the use of publicly available data for AI training purposes.

This amendment followed closely after OpenAI, the developer of ChatGPT, faced a class-action lawsuit in California, alleging the unauthorized scraping of private user data from the internet.

However, as per updates to the commercial terms of service for the Claude developer, Anthropic, the generative AI startup pledged to abstain from utilising client data for large language model (LLM) training beginning January 2024.

Despite this landmark agreement, Google and Reddit have not always seen eye to eye.

Reddit had previously threatened to block Google’s crawlers from accessing its site, citing concerns that companies might exploit its data for AI model training purposes.

Reddit commenced its initial public offering (IPO) on Feb. 22, aiming to bolster its valuation, which exceeded $10 billion in 2021.

The IPO filing, slated for March, marks the first major social media IPO since Pinterest’s in 2019.

In recent months, developers of AI models have actively pursued agreements with content providers to diversify their training data beyond extensive web scraping.

This move comes amidst claims from numerous content owners that their material was utilised without authorisation.

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CoinGecko Report: Holding Airdropped Crypto Tokens May Lead to Missed Opportunities

Crypto News Today/DeFi

Recent data from cryptocurrency data aggregator CoinGecko suggests that holding a newly airdropped crypto token for more than 14 days often means missing out on the chance to sell at its highest value.

Since 2020, interest in airdrops has surged significantly.

The most common method of obtaining free airdropped tokens is by engaging in pre-launch activities or promotional tasks within blockchain networks.

On February 1, Cointelegraph highlighted a report of a 17-year-old crypto investor who purportedly earned over $1 million from the Solana-based Jupiter (JUP) airdrop.

A recent CoinGecko report reveals that over the past four years, approximately 46% of the top 50 crypto token airdrops, including notable tokens such as Ethereum Name Service, Blur, and LooksRare, reached their peak values within a fortnight of their launch.

The report specifies that “23 out of the 50 largest airdrops (46%) witnessed peak token prices during the initial 2 weeks of their airdrop date.”

Among the airdropped tokens that peaked within this timeframe are Manta Network (MANTA), Anchor Protocol (ANC), and Heroes of Mavia (MAVIA).

While certain projects achieved peak gains within days, only one airdropped token out of the top 50 in the past four years took more than a year to reach its peak value.

Optimism (OP) took one year and seven months to achieve its highest value.

In contrast, Sweat (SWEAT) reached its peak within two days of the airdrop, while Wen (WEN) saw peak gains in just three days.

However, significant sell-offs of airdrops shortly after listing can lead to a sharp decline in value, diminishing the token’s attractiveness.

On February 22, Cointelegraph reported a roughly 60% drop in the token of Ethereum layer-2 network Starknet (STRK), as Ethereum infrastructure firm Nethermind and airdrop participants offloaded millions of dollars’ worth of the airdropped token.

Furthermore, technical glitches during the claiming process may cause participants to perceive the network as unreliable, prompting them to consider selling the token.

In March 2023, the volume of Arbitrum (ARB) tokens moved to exchanges was 150% higher than inflows to wallets, triggering a significant sell-off.

This followed reports of the airdrop claim page crashing within an hour of the process starting due to overwhelming requests.

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Trump Embraces Bitcoin: Former President Shifts Stance on Cryptocurrency

Bitcoin/Crypto News Today

Former United States President Donald Trump has shifted his stance on Bitcoin. Once critical of the cryptocurrency, branding it a scam during his presidency, Trump now concedes that BTC is gaining traction and acceptance.

In a recent interview on Fox News, Trump was questioned about his perspective on the ascent of the Chinese digital currency and whether countering it necessitates embracing a decentralized currency like Bitcoin.

Trump reiterated his preference for the US dollar but acknowledged Bitcoin’s increasing popularity, stating:

“I like the dollar, but many people are doing it [using Bitcoin], and frankly, it’s taken a life of its own.

You probably have to do some regulation, as you know, but many people are embracing it.

And more and more, I’m seeing people wanting to pay Bitcoin, and you’re seeing something that’s interesting. So I can live with it one way or the other.”

This marked a departure from Trump’s previous disdain for Bitcoin during his presidency, where he had labelled it a scam and reportedly directed the treasury secretary to take action against it.

Amidst his campaign for the 2024 U.S. presidential election, speculation arises within the crypto community regarding the motive behind Trump’s newfound openness to Bitcoin.

Some view it as a strategic move to court votes from the expanding crypto sector, while others perceive it as typical of Trump’s ambivalent approach to issues.

One user, Blairja, suggests that Trump strategically alternated between pro-BTC and pro-US dollar statements to gauge public opinion, likening it to a fishing expedition to ascertain the prevailing sentiment among voters.

Indeed, politicians have increasingly leveraged cryptocurrency to appeal to tech-savvy demographics.

Trump currently leads the race for the Republican Party’s presidential nomination, with fellow Republican Nikki Haley trailing behind him.

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Solana NFT Sales Skyrocket to Over £5 Billion, Setting New Record High

Crypto News Today/Metaverse

Solana-based nonfungible tokens (NFTs) have soared to a remarkable all-time sales volume surpassing £5 billion following a surge in NFT trading activity on the blockchain over the past four months.

As of February 23, data compiled by CryptoSlam revealed that the cumulative sales volume for NFTs operating on the Solana network has reached an impressive £5,013,847,972.

The data also highlights the substantial user base within the blockchain, boasting over 2.2 million buyers and 1.6 million sellers, resulting in nearly 43 million NFT transactions overall.

The performance of Solana NFTs experienced a noticeable turnaround after a relatively lacklustre period preceding November 2023.

From July 2023 onwards, monthly sales struggled to surpass £40 million. However, a significant shift occurred from October 2023 onwards.

READ: Bitcoin Prepares for Pre-Halving Pullback Amidst Uncertain Timing

The sales volume for Solana-based NFTs began to exhibit signs of resurgence, surging to approximately £82 million in November 2023—an impressive 192% increase compared to the preceding month’s £28 million in sales.

This momentum carried forward in subsequent months, with December 2023 witnessing Solana NFTs generating around £365 million in monthly sales, marking its second-highest monthly sales volume after the £373 million record set in October 2021.

Despite a slight slowdown in January, Solana NFTs still achieved sales exceeding £239 million for the month.

As of the latest data, February’s monthly sales volume stands at £161 million, underscoring the consistent growth trajectory in Solana NFT sales, amassing over £1 billion in sales volume over the last nine months.

The surge in Solana NFT sales observed in December 2023 coincided with a bullish price trend for Solana’s native token.

On December 26, 2023, SOL reached a peak of £121.45, with a trading volume reaching £5.7 billion, as reported by the cryptocurrency data tracker CoinGecko.

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Tether’s Response to Circle Sparks Speculation Over Tron Network Support

Crypto News Today

Stablecoin issuer Tether declined to give a definitive response regarding whether it would terminate its support for the Tron network following its competitor Circle’s cessation of stablecoin minting on the blockchain on Tuesday, February 20.

“Tether tokens are issued on several blockchains, which are simply transport layers for such tokens,” Tether stated in a communication with Cointelegraph when questioned about Circle and whether Tether was contemplating a similar action.

“Tether retains the ability to freeze transactions on each directly supported transport layer to accomplish its compliance duties.

Nevertheless, Tether actively monitors the safety of each one of the supported transport layers to ensure the highest standards for our community,” the firm articulated.

Tether holds the position as the largest stablecoin with a market capitalization of $97.7 billion, while Circle’s USD Coin trails at $28 billion, as per CoinGecko data.

The Tron network accommodates over 51.8 billion USDT, representing over half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether’s transparency report dated February 21.

Moreover, an additional $76.2 million is allocated to provide near-term liquidity for the token on the Tron network.

Tether’s remarks were prompted by an announcement from Circle on February 20, disclosing the immediate cessation of USDC minting on Tron and the gradual withdrawal of support for the network, asserting that the decision aligns with “efforts to ensure that USDC remains trusted, transparent, and safe.”

In January, a United Nations report suggested that “USDT on the Tron blockchain has become a preferred choice” for cyber fraud and money laundering in Southeast Asia owing to the “ease, anonymity, and low fees of its transactions.”

Tether refuted the report, stating that the UN overlooked USDT’s traceability and the firm’s history of collaboration with law enforcement.

It highlighted that it froze over $300 million worth of USDT used in illicit activities “within the last few months,” including $225 million frozen in November 2023 as part of a United States investigation into a Southeast Asian human trafficking syndicate.

Ethics watchdog group Campaign for Accountability penned a letter to United States senators in November 2023, alleging Tron “has been named in multiple international law enforcement actions involving billions of dollars in transactions by alleged organised crime groups and sanctioned entities.”

The U.S. Securities and Exchange Commission initiated legal action against the Tron Foundation and founder Justin Sun in March 2023, alleging they offered unregistered securities and engaged in manipulative trading, contentions that Sun denies.

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