Illegal Trading Volumes on Tron and Ethereum Networks Exceed 17.7 Billion USDT
In Brief
Blockchain data analysis company Bitrace revealed that the scale of illegal trading activities on the Tron and Ethereum networks has exceeded 17.7 billion USDT in the past year. The fund audit focused on the business addresses of prominent third-party payment guarantee platforms, revealed significant illicit transactions.
From September 2022 to September 2023, Bitrace’s audit discovered that Tron and Ethereum were used extensively for illegal trading activities. The funds involved amounted to 17.07 billion USDT on the Tron network and 670 million USDT on Ethereum.
The illegal transactions identified include unauthorized currency exchanges, illegal commodity trades, and unlawful collection and payment processes. Additionally, they encompass various cryptocurrency transactions tied to criminal activities.
These findings indicate that Tron, in particular, has become a preferred network for illicit activities in the black and gray markets.
⭐️TRON 是被黑灰产活动主要利用的区块链网络
— Bitrace (@Bitrace_team) November 28, 2023
区块链数据分析公司 #Bitrace 对主要的黑灰产第三方支付担保平台业务地址进行了资金审计，2022 年 9 月至 2023 年 9 月之间，为非法交易活动做担保的资金规模，在波场、以太坊网络中分别达到 170.7 亿 USDT 与 6.7 亿 USDT。… pic.twitter.com/Ttd5lgWVHg
Tron’s characteristics of low transaction fees, convenient transfer processes, and broad industry adoption make it attractive for legitimate users. However, the same features have inadvertently lowered the barrier for black and gray market activities. This has contributed to its widespread use in illicit transactions.
Implications for Blockchain Networks
This extensive use of Tron and Ethereum for illegal purposes raises questions about the responsibility and challenges facing blockchain networks in mitigating illicit activities.
The findings by Bitrace highlight the need for enhanced monitoring and regulatory measures to combat the misuse of these platforms. The report sheds light on the substantial scale of illegal trading activities occurring on the Tron and Ethereum networks.
This underscores the urgent need for effective governance and oversight in the blockchain industry. As the sector continues to grow, addressing these challenges becomes crucial to ensure the integrity and security of blockchain technology.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
