TRM Labs

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This week TRM Labs’ Global Head of Policy Ari Redbord joined H.E. Justin Sun (TRON DAO), Paolo A. (Tether.io) and David Feder (Fenwick & West) at the The Digital Chamber’s DC Blockchain Summit to discuss the origins and successes of the T3 Financial Crime Unit. The panel was moderated by the Chamber’s Kristopher Klaich. To date, T3 has worked with law enforcement agencies across the globe to track and freeze over USD 150 million in illicit proceeds, including USD 8 million from the Bybit hack. As we look to mitigate financial crime in the crypto ecosystem, T3 is a model for how blockchain foundations, stablecoin issuers, exchanges, and blockchain intelligence companies can work closely together, and with law enforcement, to track, freeze and seize illicit proceeds.

On February 27, 2025, the US Attorney’s Office for the Northern District of Ohio filed a civil forfeiture complaint against over USD 8.2 million in USDT tied to a sprawling #pigbutchering scheme targeting victims across the United States. The criminal complaint describes how fraudsters, using anonymous phone numbers and messaging apps, manipulated victims into believing they were building personal or financial relationships. In one instance, a Cleveland-area victim was encouraged to liquidate her entire retirement account, ultimately sending more than USD 650,000 in crypto to what she believed was a legitimate investment platform. Instead, her funds — and those of 30 other identified victims — were routed through a tangled web of #DeFi platforms, cross-chain swaps, and unhosted wallets, eventually landing in three TRON addresses. The Federal Bureau of Investigation (FBI) used blockchain intelligence to trace the flow of funds across multiple platforms and networks — from centralized exchanges, to Ethereum and TRON, through DeFi protocols, and into final storage wallets. Despite complex laundering methods, the investigation revealed common routing patterns and wallet reuse that helped agents piece together the full laundering scheme. According to the complaint, the scammer controlled addresses contain commingled funds from numerous victims — both known and not yet identified — tied to pig butchering schemes that span beyond this specific investigation. What makes this case particularly notable is the dual legal theory used in the complaint. Funds directly traceable to fraud were forfeited under 18 U.S.C. 981(a)(1)(C) (wire fraud) and remaining funds — likely tied to additional unknown victims — were seized under 18 U.S.C. § 981(a)(1)(A) as property involved in money laundering. This allowed the U.S. Department of Justice to seize the full USD 8.2 million, preventing the fraudsters from recovering any portion of it, and preserving the ability to provide restitution to other victims as the investigation expands. The FBI and DOJ team recognized that there are other potential victims in the case which have yet to be identified. The team is “tracing backwards” from the seized addresses to identify other potential victims. Pig butchering scams are among the most damaging and fastest-growing types of crypto fraud, often linked to human trafficking-backed scam operations in Southeast Asia. They target vulnerable individuals with financial grooming tactics — and can be devastating. This case underscores how public-private partnerships, sophisticated tracing tools, and smart legal strategies can lead to real-world impact. It’s not just about seizing crypto — it’s about getting justice for victims, many of whom lose their life savings. TRM Labs is proud to support the FBI’s Cleveland Field Office and the Department of Justice in tracing illicit assets and protecting victims.

?? Online scams are the most reported crime globally — and we’re just seeing the surface. That’s why we’re proud to have supported the Global Anti-Scam Summit (GASS) in London yesterday — where Isabella Chase and Isaac M. joined global leaders in government, law enforcement, finance, and tech to drive action and collaboration. At the heart of our work is Chainabuse: The industry’s first free, public platform for reporting, sharing, and investigating crypto-related scams. By aggregating threat intelligence across partners and empowering users to report scams, Chainabuse helps surface patterns early, so action can be taken before more damage is done. If you're a financial institution, government agency, or crypto platform looking to protect your customers and constituents, explore Chainabuse now and inquire about a partnership! Let’s work together to turn the tide against online fraud ???https://lnkd.in/eHhzVBEi

???The promise of crypto is global and so is our team! This week we cover policy, compliance, and investigations from the UK to Taiwan, Thailand, to the US. Ari Redbord, Angela Ang, and Isabella Chase take us on a trip across the #cryptoverse with these stories: ?????FCA launches five year strategy ?????Taiwan publishes draft Virtual Asset Services Act ?????Thai authorities leverage blockchain intelligence in case against CSAM vendor ???Fidelity to launch stablecoin as it expands digital asset offerings ???Wyoming poised to be first state to issue stablecoin ?????This week in crypto in Washington Alright, let’s get into it??

?? TRM Labs and the Canton Network are joining forces to strengthen risk management on privacy-enabled networks. We’re excited to announce our integration with the Global Synchronizer — the infrastructure powering the Canton Network to enable seamless interoperability across the financial ecosystem. As a Supporting Validator, we’ll provide on-chain AML monitoring for Canton Coin and USDC and contribute to the Global Synchronizer Foundation (GSF) as a General Member. The rise of tokenized assets, like #stablecoins, has created the need for more privacy and controls, while still maintaining effective #AMLcompliance. This partnership represents another step in that direction — combining built-in compliance with programmable privacy on the Canton Network. Learn more about the partnership here ???https://lnkd.in/e3B7X8xB

?????This week, TRM teamed up with Drew & Napier LLC and Blockaid to discuss risks, responses, and remedies to #cryptohacks with the Singapore crypto community. With USD 2.2 billion lost to crypto hacks in 2024, and records being rewritten in 2025 with North Korea’s USD 1.5 billion theft from Bybit, strengthening the crypto ecosystem’s collective defenses against hacks has never been more critical. TRM’s Global Head of Investigations Chris Janczewski was joined by Shumin Lin (Drew & Napier) and Joshua Foo (Blockaid) for a panel moderated by Angela Ang (TRM). The panel discussed the legal, security, and investigations aspects of protecting against, and responding to, a crypto hack, the importance of public-private partnerships, and real-time information sharing ??. Thank you to everyone who took the time to join us. We look forward to seeing you at the next one!

???TRMer spotlight: Meet Andrew H.! Andrew joined TRM in 2021. Hear about his experience and find out what he loves most about being part of our data engineering team. ?? ? ? ? ? ? ? ? ? “One of the things I love about working on the data engineering team at TRM is that we get to work on large-scale data problems as a relatively small team. Blockchain analytics deals with massive datasets that really require us to operate at petabyte scale. The ability to work on problems at this scale within a small, talent-dense team is something I really value. Something I wish more people knew about the engineering team at TRM is that you don’t need to be a blockchain expert to join. Personally, my background is in data engineering and quantitative finance. I was hired because this skillset translates well to blockchain data, not because I was a blockchain expert when I arrived here. We hire for strong engineering fundamentals, and you’ll learn what you need to know about blockchain data once you’re here.” ? ? ? ? ? ? ? ? Learn more about life at TRM and check out our open positions here ???https://bit.ly/4gU8bs7

?? New #TRMTalks out now! ?? North Korea just pulled off the biggest #crypto heist in history. But how did they do it — and how do we stop them? Ari Redbord sits down with North Korea experts Jean Lee (”The Lazarus Heist” and East-West Center, former The Associated Press North Korea Bureau Chief) and Nick Carlsen (TRM Labs, former Federal Bureau of Investigation (FBI)) to uncover: ? How North Korea built a cyber army ? The USD 1.5 billion Bybit hack — step by step ? Why Chinese money laundering networks play a key role ? How governments and private sector can fight back The stakes are high, and the conversation is more relevant than ever. ?? Listen now: https://lnkd.in/ezQNVVGx

As France builds out its MiCA framework and welcomes new crypto market participants, #blockchainintelligence is more essential than ever to safeguard the ecosystem and support public-private collaboration. That’s why TRM will be on the ground at Paris Blockchain Week from April 8-10 — connecting with policy makers, investigators, compliance leaders, and innovators to help navigate this next chapter for crypto in France and across Europe. ? Want to meet in person? ? Curious how we support regulators and institutions in France? ? Ready to lace up for a 5K run along the Seine? Reach out to the TRM team joining in Paris to connect: Ari Redbord (Global Head of Policy), Isabella Chase (Head of Policy, EMEA), Béranger B. (Deployment Strategist), and Isaac M. (Strategic Partnerships Manager). ???Sign-up to join us for the TRM Run Club at #PBW2025: https://lnkd.in/eP5r4Zub We look forward to seeing you in Paris ???? https://lnkd.in/ewrPPSKV