Justin Sun Disputes UN Report on USDT
Justin Sun, founder of Tron blockchain, has challenged a UN report’s claims about USDT, highlighting factual inconsistencies and reaffirming Tron’s commitment to maintaining blockchain integrity.
Concerns Over Misuse of Blockchain Technology
The UN report raised concerns about the misuse of blockchain technology, particularly focusing on the role of USDT in money laundering and scams, especially in Southeast Asia.
Tron’s Response
Sun acknowledged the concerns but disputed certain details related to USDT transactions on Tron’s TRC-20 protocol. He emphasized Tron’s dedication to combatting blockchain misuse while pointing out inaccuracies in the UN’s findings.
Tether’s Defense
Tether, the company behind USDT, highlighted its efforts to combat misuse and its commitment to transparency. It mentioned its role in assisting the U.S. Department of Justice in freezing funds linked to a human trafficking group. Tether argued that public blockchains enable tracking of every transaction, making USDT an impractical choice for criminal activities.
Law Enforcement Operations and Tron’s Role
The UN report discussed successful law enforcement operations against money laundering networks using Tether. Tron responded by emphasizing its significant role in the circulation of USDT through the TRC-20 protocol and its global market presence. The network clarified that it cannot directly regulate third-party actions.
Importance of Blockchain Technology
Sun stressed the importance of blockchain technology in global cooperation and advocated for increased blockchain education. He suggested potential collaboration between Tron, HTX DAO, and the UN to further promote blockchain technology globally.
Tether Criticizes Report and Highlights Commitment to Developing Economies
Tether expressed disappointment with the UN report, arguing that it ignored the company’s role in helping developing economies and facilitating financial inclusion.
Hot Take: Justin Sun Challenges UN Report on USDT
Justin Sun, founder of Tron blockchain, has disputed a UN report’s claims about USDT. While acknowledging concerns, Sun emphasized Tron’s dedication to combating blockchain misuse and pointed out inaccuracies in the UN’s findings. Tether, the company behind USDT, defended its role in developing economies and its commitment to transparency. The UN report highlighted successful law enforcement operations against money laundering networks using Tether. Tron clarified its role in USDT circulation but reiterated that it cannot directly regulate third-party actions. Sun stressed the importance of blockchain technology in global cooperation and advocated for increased education. Tether criticized the report for ignoring its positive impact on developing economies.
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