The TRON Foundation and Justin Sun asked a New York court to dismiss an SEC lawsuit, arguing that the regulator failed to establish that the court has jurisdiction over the foreign defendants.
Illicit Funds in Crypto Ecosystem Shrank 9% Last Year, Yet Criminals Still Handled Nearly $35B: TRM Labs
Illicit activity in the cryptocurrency ecosystem appears to have reduced, with the total illicit funds shrinking by 9% in 2023 compared to 2022, even though criminals still handled over $34 billion worth of cryptocurrencies, Blockchain analytics firm TRM Labs has found.
Exciting Launch For TRON (TRX) Coming, Justin Sun Announcement Sent This Token 24% Up
TRON (TRX) Founder Justin Sun made an announcement earlier today that created expectations about what’s coming to the ecosystem. Additionally, a second post by Sun made the price of a token surge by 24% in a matter of minutes.
TRON-Based Inscriptions Market To Launch Soon
Recently, the TRON network made it into the news after reaching 95 million total addresses. As reported by NewsBTC, TRON significantly surpassed other Layer-1 networks in address growth, including Avalanche and Cardano.
This time, TRON is in the headlines after its founder, Justin Sun, shared some news for the ecosystem on X (formerly known as Twitter.)
Sun posted on Monday morning to inform the crypto community that a TRON-based inscription marketplace is coming. “Exciting news, the inscription market based on #TRON is about to launch,” said the TRON founder.
Inscriptions became popular after the launch of Bitcoin Ordinals last year. The new technology allowed the creation of non-fungible tokens (NFT) in the Bitcoin blockchain and has seen different applications ever since.
As it can be created using any type of data, like audio, video, and images, other chains started to launch their inscriptions.
TRON developers and APENFT Foundation’s NFT team developed the inscriptions marketplace. All developers are welcome to build in the TRON ecosystem, Sun said.
TRON’s native token didn’t seem to react to the news. TRX’s price has increased by 0.4% in the last 24 hours. At writing time, the token is trading at $0,1409, representing a mild 2.1% price surge in the 7-day timeframe.
However, the token’s trading volume of $367.3 million accounts for a 21.48% surge from the day prior, per CoinMarketCap data.
As of this writing, further details about the launch are yet to be revealed. However, the community welcomed the news positively. Many expressed excitement to see what the TRON ecosystem could bring to the NFT market.
Similarly, crypto exchange Binance recently revealed its Inscription Marketplace, allowing users to create and trade inscription tokens within the Binance app.s
Justin Sun Behind BitTorrent (BTT)’s Price Surge?
After the announcement, Sun, who acquired BitTorrent back in 2018, quoted his post to ‘announce’ BTT-related news. BitTorrent is a file-sharing platform built on the TRON blockchain.
#BTT soon… https://t.co/VZ5U09wDW6
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 4, 2024
The two words posted by the blockchain entrepreneur sent the token’s price up by 24%. BTT’s price was moving sideways the 24 hours before Sun’s post, as seen in the chart below.
Just moments after the TRON founder’s comment, the price quickly went from $0.000001526 to $0.0000017. An hour later, BTT’s trading volume increased from $100.14 million to $151.6 million, a 51.4% increase in this timeframe.
The token reached $0.0000018 before the pullback to the $0.0000017 price range. At writing time, BTT’s price is $0.000001755, accounting for a 24.6% price increase from the day prior. The 7-day and 30-day performances display a notable price surge of 68% and 118%, respectively.
The performance seen since the beginning of 2024 suggests a recovery from the past year when the token reached its all-time low of $0,0000003654. The token’s price has increased 153.6% in the 1-year time frame.
Its market capitalization sits at an impressive $1.62 billion, making BTT the #64 largest cryptocurrency by this metric, according to CoinMarketCap.
TRON Hits 95 Million Addresses Milestone, Will This Help Price?
On-chain data shows the total number of addresses on the TRON network has exceeded the 95 million mark, a major milestone for the blockchain.
TRON Addresses Carrying A Balance Have Broken The 95 Million Mark
According to data from the market intelligence platform IntoTheBlock, TRON has far left behind other layer 1 networks like Cardano and Avalanche regarding its address growth.
Here, the analytics firm has used the total number of addresses on the blockchain carrying some non-zero balance to keep track of this network growth.
When these addresses with a balance go up, it means that either fresh investors are joining the network or old holders are returning. Either way, such a trend can be a positive sign for any cryptocurrency, as it suggests that some net adoption of the blockchain is going on.
On the other hand, a decline in the metric implies some investors have decided to clear out their wallets, a potential sign that they have decided to leave the network behind.
Now, here is a chart that shows the trend in the total addresses with a balance for TRON over the past few years:
As displayed in the above graph, the total number of TRON addresses with a balance has been rising for a while now and has recently hit a new record of more than 95 million.
“Quite an impressive number, considering other layer 1 networks like Cardano and Avalanche have fewer than 10 million addresses,” notes IntoTheBlock. “Layer 1” blockchains handle transactions and security independently, without being dependent on other networks.
Given the pace at which the TRON network has seen addresses open up, it would appear that users have been preferring the blockchain to some of the other layer 1 networks.
Now, what this adoption might imply for the price of TRX can be complicated. The chart shows that adoption has been up for the asset for years, but this hasn’t exactly translated into its price.
One thing that’s usually certain about adoption is that it provides a solid foundation for the network and is a good sign that the asset will be around in the long term.
TRX Price
The cryptocurrency sector as a whole has been racing up recently, with Bitcoin leading the charge with its returns of 20% over the past week. TRON, however, has lagged behind the market, mustering only 3% profits in the same period.
The chart below shows that the coin is currently trading around the $0.14 level.
Regarding the market cap, TRX is currently the eleventh-ranked cryptocurrency. However, if the coin continues to be weaker than its competitors, it might slip down the list, as Chainlink (LINK), the twelfth largest coin, is currently closing the gap with its stronger returns.
Why Circle’s USDC Is Quitting the TRON Network
It could be part of a long-time realignment separating compliant and gray-market crypto, says Daniel Kuhn.
Tron Price Prediction: TRX Silently Grinds Higher, $0.18 Next?
Tron price is gaining pace above the $0.120 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.140.
- Tron is moving higher above the $0.122 resistance level against the US dollar.
- The price is trading above $0.1350 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to climb higher toward $0.165 or even $0.180.
Tron Price Regains Strength
Recently, Bitcoin and Ethereum saw a decent increase and moved into a positive zone. Tron price also remained well-bid and it slowly moved higher above the $0.120 resistance zone.
There was a steady increase above the $0.128 and $0.132 resistance levels. Finally, TRX traded to a new multi-week high at $0.1400 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high.
Tron price is now trading above $0.1350 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD on TradingView.com
On the upside, an initial resistance is near the $0.1400 level. The first major resistance is near $0.1420, above which the price could accelerate higher. The next resistance is near $0.1650. A close above the $0.1650 resistance might send TRX further higher toward $0.1720. The next major resistance is near the $0.180 level, above which the bulls are likely to aim for a larger increase toward $0.20.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.140 resistance, it could start a downside correction. Initial support on the downside is near the $0.1380 zone and the trend line.
The first major support is near the $0.1350 level or the 50% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high, below which it could test $0.1320. Any more losses might send Tron toward the $0.1250 support in the coming sessions.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major Support Levels – $0.1380, $0.1350, and $0.1320.
Major Resistance Levels – $0.140, $0.1650, and $0.180.
USDC Stablecoin’s Issuer Circle Dumps Tron Network; TRX Steady
Circle cited its “risk management” framework as part of the decision, among other factors.
BitTorrent’s BTT Surges 12% as Owner Tron Completes TRX Burn
BitTorrent’s BTT token is issued on Tron, and continues to surge on the network’s positive news.
Tron Price Prediction: TRX Looks Set For A Bullish Streak To $0.12
Tron price is eyeing a fresh increase from the $0.1112 support against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1140.
- Tron is moving higher above the $0.1120 resistance level against the US dollar.
- The price is trading above $0.1125 and the 100 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance at $0.1126 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to climb higher toward $0.1165 or even $0.1200.
Tron Price Restarts Increase
Recently, Bitcoin and Ethereum saw a major rejection. However, Tron price remained stable above the $0.1100 support. Earlier, there was a steady increase toward the $0.1165 level before TRX started a downside correction.
There was a move below the $0.1150 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.1059 swing low to the $0.1165 high. The bulls are now protecting the $0.1125 support zone and the 100 simple moving average (4 hours).
Tron is now moving higher and trading above $0.1120. There was a break above a key contracting triangle with resistance at $0.1126 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD on TradingView.com
On the upside, an initial resistance is near the $0.1140 level. The first major resistance is near $0.1150, above which the price could accelerate higher. The next resistance is near $0.1165. A close above the $0.1165 resistance might send TRX further higher toward $0.1200. The next major resistance is near the $0.1125 level, above which the bulls are likely to aim for a larger increase toward $0.1300.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.1140 resistance, it could start a downside correction. Initial support on the downside is near the $0.1120 zone.
The first major support is near the $0.1100 level or the 50% Fib retracement level of the upward move from the $0.1059 swing low to the $0.1165 high, below which it could test $0.1085. Any more losses might send Tron toward the $0.1050 support in the coming sessions.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major Support Levels – $0.1100, $0.1085, and $0.1050.
Major Resistance Levels – $0.1140, $0.1165, and $0.1200.
How To Buy, Sell, And Trade Crypto Tokens On The Tron Network
The Tron network is a decentralized blockchain platform that aspires to create an expansive and interconnected global digital content ecosystem. At its core, Tron leverages its native cryptocurrency, TRX, to facilitate seamless transactions and interactions within the network.
An outstanding advantage of the Tron (TRX) network lies in its exceptional scalability and impressive transaction processing capacity. This remarkable feature enables Tron to process a substantial number of transactions swiftly, ensuring the smooth execution of smart contracts and decentralized applications (DApps). The network’s scalability is of utmost importance as it plays a vital role in supporting the expansion of its ecosystem and meeting the growing needs of both users and developers.
Tron (TRX) empowers developers to create and launch decentralized applications (DApps) through the integration of smart contracts into its framework. These versatile DApps span across diverse sectors, including finance, gaming, social media, and more. Tron equips developers with essential tools, resources, and support, enabling them to craft cutting-edge and fully operational applications. This fosters a dynamic developer community, driving ongoing expansion and diversification within the Tron ecosystem.
Tron’s emphasis on digital content is a distinguishing feature of the network. It aims to revolutionize the entertainment industry by directly connecting content creators and consumers without the need for intermediaries. The platform empowers creators by enabling them to distribute their content and monetize it through direct interactions with their audience.
The network (TRON) relies on a delegated proof-of-stake consensus mechanism for its security. Validators in the network are rotated every six hours, chosen by users who stake their TRX tokens.
To combat software bugs, Tron involves its community through the Bug Bounty Program. Users can contribute to development and earn rewards by reporting bugs and vulnerabilities. The Tron Foundation generously provides TRX rewards as an incentive, fostering a collaborative environment for network security.
This article delves into the fundamental features of the TRON network and explores its significant potential within the TRON ecosystem while also providing guides on how to buy, sell and trade on the network.
Features Of The TRON Network
Delegated Proof-of-Stake (DPoS) Consensus: The DPoS is a consensus mechanism utilized by the TRON network to enable its users to vote for representatives responsible for validating transactions and securing the network. This system guarantees swift transaction confirmation and streamlined network operations, enabling scalability and suitability for high-demand applications.
Smart Contracts and DApps: TRON offers a platform for the creation and implementation of smart contracts, which are self-executing agreements governed by predetermined rules. These smart contracts serve as the foundation for developing decentralized applications (DApps) that automate processes, enhance peer-to-peer interactions, and introduce trailblazing functionalities in sectors including finance, gaming, social media, and more.
Developer-Friendly Environment: TRON fosters a developer-friendly ecosystem by equipping developers with essential tools, resources, and support to build innovative and functional DApps. It offers user-friendly programming languages, software development kits (SDKs), and comprehensive documentation to optimize the development process. This commitment to developers encourages a vibrant community, promotes collaboration, and fuels ongoing growth and diversification within the TRON ecosystem.
Scalability and Throughput: One of the main purposes of the TRON network is that it is purposefully built to efficiently process a substantial number of transactions with exceptional throughput. Its infrastructure facilitates swift transaction execution, ensuring seamless operations for smart contracts and decentralized applications (DApps). This scalability plays a vital role in meeting the increasing adoption and requirements of users and developers.
Global Accessibility: TRON’s decentralized architecture guarantees worldwide accessibility, enabling individuals from across the globe to engage with the network. The platform’s infrastructure is intentionally designed to be accessible to anyone with an internet connection, promoting inclusivity and fostering a digital ecosystem without any geographical boundaries.
Direct Creator-Consumer Interaction: TRON enables content creators to engage directly with their audience without intermediaries. This direct connection fosters a more intimate and transparent relationship, allowing creators to better understand their audience’s preferences and tailor their content accordingly.
Ownership Rights: TRON acknowledges the significance of content ownership for creators and leverages the immutability and transparency of blockchain technology to safeguard their intellectual property rights. By doing so, TRON empowers creators to retain control over their content and ensures they are duly compensated for its utilization.
Monetization Opportunities: TRON empowers content creators by enabling them to directly monetize their content. By leveraging smart contracts and digital tokens, creators can receive payments directly from their audience, bypassing the need for third-party payment processors. This direct monetization approach allows creators to retain a greater share of their earnings and exert more control over their revenue streams.
How To Get Started On The Tron Network
To buy and sell tokens on the TRON network, you will first need to get a TRON-compatible wallet like Tronlink. In this article, we will give examples using Tronlink. It is a popular TRON wallet extension and is readily accessible on leading browsers such as Google Chrome.
Related Reading: How To Buy, Sell, And Trade Tokens On The Optimism Network
With TronLink, users can effortlessly create and oversee TRON wallets, securely store TRX, as well as other TRC-10/TRC-20 tokens, and seamlessly engage with TRON DApps, all within the convenience of their browser interface.
To add your TronLink Wallet as a browser extension, simply click on the “Add to Chrome” icon located in the top right corner, as demonstrated below. This step will ensure that your TronLink Wallet becomes seamlessly accessible within your browser.
Once installed and set up, Open the TronLink extension in your browser. You will be prompted to either create a new wallet or import an existing one. If you’re new to TronLink, select the option to create a new wallet and follow the instructions to set up a password.
It is imperative to back up your wallet to ensure you can recover your funds in case of any unforeseen circumstances. TronLink will provide you with a unique set of recovery phrases during the wallet creation process. Write down and securely store these phrases in a safe place. (Do not store it on your device).
Trading On The TRON Network
The Tron network is capable of supporting various decentralized applications. Tron is often used to transact, as TRX transactions come with very low fees.
In order to engage in trading activities on the TRON network, it is essential to have TRX tokens in your wallet. TRX serves as the native cryptocurrency of the TRON network and is indispensable for executing trades, interacting with decentralized exchanges, and participating in decentralized finance (DeFi) protocols.
Hence, prior to initiating any trading or transactions on the TRON network, it is crucial to ensure that your wallet is adequately supplied with TRX tokens.
The next step is to fund your wallet. You can add TRX or other TRC-10/TRC-20 tokens to your TronLink wallet. Click on the “Receive” button in your Tronlink wallet to generate a wallet address; tokens will be available in your wallet almost immediately.
You can obtain TRX using popular cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) from cryptocurrency exchanges like Binance and transfer it to your TronLink wallet address.
Note that users can also access various DEXs interfaces like SunSwap through their Tronlink wallet by clicking on the “More” button in the same row as the “Receive” button.
How To Buy and Sell Tokens Using SunSwap
SunSwap is a decentralized trading protocol built on the TRON network, with the objective of facilitating automated liquidity provision and establishing an inclusive financial market accessible to all users. By utilizing the decentralized nature of blockchain, SunSwap enables users to participate in liquidity provision by depositing their TRON-based tokens into liquidity pools.
To protect your wallet from malicious activity, ensure that you are on the correct SunSwap website. To get started, visit the correct SunSwap website and click on the “Connect Wallet” option at the top left corner, as in the image below:
Then, select your preferred wallet (In this case, Tronlink):
Once connected, Users can commence trading activities as SunSwap is automatically linked to the TRON networks because it is a TRON-based DEX.
After accessing the SunSwap interface, the next step is to select the tokens you want to trade. SunSwap operates on a system where you can exchange your TRON-based tokens directly with other tokens.
Click on the “Select token” button to select the trading pair you want to trade against.
For example, if you want to buy USDT using TRX, select TRX – USDT, enter the amount, then click on “swap” or “trade now” and then you can go to your Tronlink wallet to confirm the transaction.
Tracking Token Prices on The TRON Network
Avedex is a powerful on-chain tool for TRON network users, offering comprehensive market insights for specific tokens. It provides valuable information such as price data, contract details, and advanced analytics tools. Traders can analyze price trends, liquidity, and token fundamentals to make informed trading decisions.
Additionally, Avedex allows for token comparison, user reviews, and rating systems, enhancing the decision-making process. With integration to TRON wallets and notification features, Avedex streamlines the trading experience, enabling users to stay updated and act promptly.
Related Reading: Celestia Network: How To Stake TIA And Position For 5-Figure Airdrops
Overall, Avedex empowers TRON traders with reliable information and tools to navigate the market effectively and make well-informed trading choices.
Conclusion
In conclusion, the TRON (TRX) network offers a decentralized blockchain platform that prioritizes the creation of a global digital content ecosystem. With its scalable infrastructure and high transaction processing capacity, TRON enables the swift execution of smart contracts and decentralized applications (DApps) across various sectors. The network’s developer-friendly environment provides essential resources and support for developers to build innovative DApps, fostering a vibrant community within the TRON ecosystem.
To engage with the TRON network, users need a TRON-compatible wallet like TronLink. They can obtain TRX tokens from various popular exchanges, transfer them to their TronLink wallet, and then trade on platforms like SunSwap for decentralized trading.
Overall, the TRON network offers a robust ecosystem for buying, selling, and trading tokens, while its focus on digital content and developer support makes it an attractive platform for creators and users alike.
Is Tron Toast? Network Activity Crumbles As Crypto Cools Off
The Q4 report from Tron reveals a significant contrast between its thriving DeFi sector and subdued core network activity. Despite a remarkable 41% increase in Total Value Locked (TVL) in Tron’s DeFi space, securing the second position after Ethereum, the network experienced a slowdown in user growth.
At the time of writing, TRX was trading at $0.1108 up 0.9% in the last 24 hours, and tallying a 3.6% increase in the last seven days, data from Coingecko shows.
Tron User Engagement Stalls Amid Market Upturn
In contrast to the broader crypto market rally, Tron faced a peculiar deceleration in user expansion. Daily active addresses and new user creations both declined by 2%, raising concerns about Tron’s ability to attract and retain users during favorable market conditions. The number of new addresses created on Tron also fell by 2% to 185,000, intensifying worries about user engagement.
Transaction Decline
The decrease in user activity resulted in a 2.4% drop in transactions, averaging at 4.9 million daily. Messari, the on-chain analytics firm behind the report, attributed this decline to reduced “staking/unstaking” and “other” activities, indicating a slowdown in core network operations. Consequently, transaction fees experienced a 6% decrease compared to Q3.
Source: Messari
DeFi Flourishes
Despite the subdued user activity, Tron’s DeFi sector witnessed substantial growth. The Total Value Locked (TVL) surged by 20%, solidifying Tron’s status as a major DeFi hub. This remarkable leap positioned Tron with more than double the TVL of its closest competitor, BNB Chain.
DEXes Gain Momentum
In addition to the DeFi success, decentralized exchange (DEX) trading volume within Tron saw a remarkable 42% increase, breaking a trend of three consecutive quarters of decline. This surge suggests a rising adoption of Tron’s native DEXes, potentially fueled by the DeFi boom.
Assessing Tron’s Q4
Tron’s Q4 presents a puzzling scenario with the coexistence of a thriving DeFi sector and sluggish user activity. The reasons behind this user apathy, along with the decline in new address creations, warrant further investigation as they may hold the key to unlocking Tron’s full potential.
Tron’s Q4 reflects a dual narrative – a flourishing DeFi metropolis alongside a less active user environment. The network’s ability to bridge this gap and leverage its DeFi momentum to rekindle user engagement remains uncertain.
The upcoming quarters will reveal whether Tron can overcome this disparity and establish a unified narrative of success.
Featured image from Pexels
TUSD Loses $1 Peg Amid Binance’s FDUSD Focus: Analyst
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Watchdog group doubles down on Circle-Tron money laundering claims
The Campaign for Accountability released a new open letter criticizing Circle’s Cross Chain Transfer Protocol.
BitTorrent’s BTT Token Doubles in Value as Tron, on Which It’s Issued, Hits 200M Users
The BTT token from BitTorrent, the file-sharing platform that Tron bought in 2018, more than doubled in price on Wednesday amid apparent optimism about the Tron blockchain.
TRX Trades at Premium on Poloniex as Arbitrage Lures Risk Takers
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Ethereum price rallies toward key resistance but is ETH’s strength sustainable?
Ethereum’s price rally toward $2,100 is driven by new developments in the layer-2 space and investors’ anticipation of a spot BTC ETF.
Circle denies claims of illicit financing and ties to Justin Sun
According to an open letter published on Circle’s blog, the company has not provided services to Justin Sun since February.
Hamas And Hezbollah Pick Tron Instead Of Bitcoin In Crypto Shift, Report
TRON (TRX), a blockchain-based digital platform, has surpassed Bitcoin (BTC) as the platform of choice for financial transfers by groups such as Hamas and Hezbollah, which are designated terrorist organizations by the US, UK, and other countries.
According to a Reuters report, this development has opened a new front in Israel’s battle against the funding of alleged Iranian-backed militant groups.
Tron Wallets Targeted In Israeli Seizures
According to the report, a comprehensive analysis of crypto seizures announced by Israeli security services since 2021 highlights a significant increase in targeting TRON wallets and a decrease in seizures related to Bitcoin wallets.
The National Bureau for Counter Terror Financing (NBCTF) of Israel, responsible for seizure operations, froze a total of 143 TRON wallets between July 2021 and October 2023, believing them to be associated with “designated terrorist organizations” or involved in “severe terror crimes.”
Notably, 87 of these seizures occurred this year, including 39 wallets linked to Lebanon’s Hezbollah and 26 wallets associated with Palestinian Islamic Jihad, a Hamas ally.
In response to heightened scrutiny of Hamas’ financing, Israel intensified its investigation efforts. It discovered that 56 TRON wallets were connected to Hamas, with 46 traced back to a Gaza-based money exchange company called Dubai Co. For Exchange.
Following the recent Hamas attacks on Israel, the largest crypto account seizure to date was announced, freezing approximately 600 accounts associated with Dubai Co.
Per the report, several individuals whose funds were frozen in this seizure claimed to have been using TRON for legitimate business or personal financial purposes and denied any affiliation with Hamas or Islamic Jihad.
However, Israel designates Dubai Co. as a terrorist group due to its alleged aid to Hamas, particularly in transferring substantial funds on an annual basis.
Key Blockchain For Tether Transactions
When contacted by Reuters, a spokesperson for TRON, Hayward Wong, emphasized that all technologies have the potential for misuse, citing the example of US dollars being employed for money laundering.
Wong further stated that TRON lacks control over how its technology is utilized and asserted that it is not linked to the groups identified by Israel.
The report also sheds light on the dominance of the cryptocurrency Tether (USDT) within the TRON network. Tether stated that it routinely traces and freezes tokens used for illicit purposes, working in collaboration with law enforcement agencies.
According to Reuters, TRON has become the primary blockchain for Tether transactions, hosting a remarkable $48 billion worth of the tokens. Average daily transactions on Tron jumped to 9.1 million from April to June, a remarkable increase of over 70% compared to last year.
However, as reported by our sister website Bitcoinist, Tron has faced its share of controversies. The founder of Tron, Justin Sun, sued the US Securities and Exchange Commission (SEC) in March on allegations of artificially inflating trading volumes and selling unregistered Tron tokens.
It is important to note that crypto transactions related to terrorist groups have been decreasing since 2021 as seen in the chart below. Unlike traditional payment methods, Bitcoin and cryptocurrencies provide authorities with a backdoor, a transparent path that has allowed them to put a halt to illegal money flows.
The unfolding developments in this matter are yet to be fully determined, and it remains uncertain whether there will be additional lawsuits and enforcement actions against crypto companies and exchanges implicated in these allegations.
Featured image from Shutterstock, chart from TradingView.com
Hamas And Hezbollah Pick Tron Instead Of Bitcoin In Crypto Shift, Report
TRON (TRX), a blockchain-based digital platform, has surpassed Bitcoin (BTC) as the platform of choice for financial transfers by groups such as Hamas and Hezbollah, which are designated terrorist organizations by the US, UK, and other countries.
According to a Reuters report, this development has opened a new front in Israel’s battle against the funding of alleged Iranian-backed militant groups.
Tron Wallets Targeted In Israeli Seizures
According to the report, a comprehensive analysis of crypto seizures announced by Israeli security services since 2021 highlights a significant increase in targeting TRON wallets and a decrease in seizures related to Bitcoin wallets.
The National Bureau for Counter Terror Financing (NBCTF) of Israel, responsible for seizure operations, froze a total of 143 TRON wallets between July 2021 and October 2023, believing them to be associated with “designated terrorist organizations” or involved in “severe terror crimes.”
Notably, 87 of these seizures occurred this year, including 39 wallets linked to Lebanon’s Hezbollah and 26 wallets associated with Palestinian Islamic Jihad, a Hamas ally.
In response to heightened scrutiny of Hamas’ financing, Israel intensified its investigation efforts. It discovered that 56 TRON wallets were connected to Hamas, with 46 traced back to a Gaza-based money exchange company called Dubai Co. For Exchange.
Following the recent Hamas attacks on Israel, the largest crypto account seizure to date was announced, freezing approximately 600 accounts associated with Dubai Co.
Per the report, several individuals whose funds were frozen in this seizure claimed to have been using TRON for legitimate business or personal financial purposes and denied any affiliation with Hamas or Islamic Jihad.
However, Israel designates Dubai Co. as a terrorist group due to its alleged aid to Hamas, particularly in transferring substantial funds on an annual basis.
Key Blockchain For Tether Transactions
When contacted by Reuters, a spokesperson for TRON, Hayward Wong, emphasized that all technologies have the potential for misuse, citing the example of US dollars being employed for money laundering.
Wong further stated that TRON lacks control over how its technology is utilized and asserted that it is not linked to the groups identified by Israel.
The report also sheds light on the dominance of the cryptocurrency Tether (USDT) within the TRON network. Tether stated that it routinely traces and freezes tokens used for illicit purposes, working in collaboration with law enforcement agencies.
According to Reuters, TRON has become the primary blockchain for Tether transactions, hosting a remarkable $48 billion worth of the tokens. Average daily transactions on Tron jumped to 9.1 million from April to June, a remarkable increase of over 70% compared to last year.
However, as reported by our sister website Bitcoinist, Tron has faced its share of controversies. The founder of Tron, Justin Sun, sued the US Securities and Exchange Commission (SEC) in March on allegations of artificially inflating trading volumes and selling unregistered Tron tokens.
It is important to note that crypto transactions related to terrorist groups have been decreasing since 2021 as seen in the chart below. Unlike traditional payment methods, Bitcoin and cryptocurrencies provide authorities with a backdoor, a transparent path that has allowed them to put a halt to illegal money flows.
The unfolding developments in this matter are yet to be fully determined, and it remains uncertain whether there will be additional lawsuits and enforcement actions against crypto companies and exchanges implicated in these allegations.
Featured image from Shutterstock, chart from TradingView.com
Hamas, Hezbollah Now Prefer Tron to Bitcoin: Reuters
Almost two-thirds of Israel’s Tron seizures were in 2023, including 39 from wallets Israel said in June were owned by Lebanon’s Hezbollah and 26 in July from Hamas ally Palestinian Islamic Jihad.
