How to Track USDT TRC20 Transactions
Tags: tracing, cryptocurrency, cybersecurity, data
Published: 2024-07-01 06:57:56


Tether USDT (TRC20) is a USDT stablecoin issued on the TRON network using the trc20 token standard. It is pegged to the US Dollar, which allows it to provide the stability a traditional currency gives while leveraging the benefits of blockchain technology.

By combining the stability of Tether and the efficiency of the TRON network, Tether USDT TRC20 becomes an important tool for crypto traders.

  

## Understanding TRC20

  

The TRC20 standard is used to issue and implement tokens on the TRON network. Similarly, as with the Ethereum ERC-20 standard, TRC20 is the standard specially developed for the TRON blockchain, allowing the perfect functioning of tokens within its ecosystem. Tether USDT TRC20 is the representation of the stablecoin Tether, issued according to the standard TRC20 on the TRON network

  

## Benefits of Tether USDT TRC20

  

Here are some benefits of Tether USDT TRC20, and why it has become a popular choice for individuals and organizations in the cryptocurrency ecosystem;

  

-   Low Transaction Fees: Transactions involving Tether USDT TRC20 on the Tron network are less expensive than those on other networks.
    
-   Fast Transactions: Transactions on the Tron network are executed quickly, reducing the time required for USDT transfers.
    
-   Interoperability: The integration of Tether USDT TRC20 tokens with TRON-based decentralized applications (DApps), wallets, and exchanges is seamless.
    
-   Stability: Tether USDT TRC20 is pegged to the US dollar, ensuring stability and reducing the volatility commonly seen in other cryptocurrencies.
    

  
  

## How to Track Tether USDT TRC20 Transactions Using Bitquery API?

  
  

Tracking USDT transactions can be a difficult task due to the decentralized nature of blockchain technology. All cryptocurrency transactions are recorded on the blockchain, providing transparency while also maintaining a sense of anonymity.

This means all wallet addresses are anonymous, making it difficult to link them to actual identities.

  

However, with blockchain explorers like [Bitquery](https://explorer.bitquery.io/), we can easily search for a specific wallet address and view its entire transaction history.

  

## Fetching Transactions by Wallet Address

  

Consider a practical scenario where you need to monitor a specific wallet for Tether USDT TRC20 transactions. Let's break down how you can analyze and interpret the data effectively.

  

Transaction Volume: By watching daily transfers of USDT, we can spot patterns and unusual changes in transaction levels. Big spikes in activity, like sudden increases in transactions, often mean important events such as large trades, market shifts, or specific wallet actions.

  

For example, let's look at the [In/Outbound transfer](https://ide.bitquery.io/InOutbound-transfer-count-by-date-from--June-21-2024---June-28-2024) of the wallet address:TL98FzQWz35qsMP93QcXk1vAUfTpqeE3kU from June 21st to June 27th, 2024.

  

On June 27th, there was a significant rise in activity: 25 deposits and 14 withdrawals. This surge suggests major financial movements, possibly involving large trades or significant payments.

  

Wallet Activity Insights: By examining USDT TRC20 transactions flowing in and out of a wallet, we can understand its behavior.

This includes how often and how much it transacts, and whether it is mainly accumulating or distributing assets.

  

Let's look at wallet `TL98FzQWz35qsMP93QcXk1vAUfTpqeE3kU`.

  

When we look at its transactions, we see significant movements of USDT TRC20 tokens. These large [inflows](https://ide.bitquery.io/inflow-of-USDT-on-Tron) and [outflows](https://ide.bitquery.io/Outflow-of-USDT-on-Tron) suggest that money is being moved around, most likely for storage and accumulation.

  
  

Account Management: Analyzing the inflow and outflow of funds in a wallet can give us insights into how the wallet owner manages their money.

  

-   Inflow: Regular large deposits suggest the owner is making consistent investments.
    
-   Outflow: Significant withdrawals could mean the owner is transferring funds to other wallets, or making payments.
    

  

Let's look at wallet TL98FzQWz35qsMP93QcXk1vAUfTpqeE3kU.

  

This wallet shows regular [inflows](https://ide.bitquery.io/inflow-from-june-20-to-june-27) which suggests the owner is making consistent investments. The significant [outflows](https://ide.bitquery.io/outflow-from-June-20th-to-June-27th) indicate regular spending or transfers to other wallets. By examining these transactions, we can see that the owner is maintaining a balanced financial state.

  

Overall, these observations suggest that the wallet owner is in good financial health by effectively managing their expenses and investments.

  

By collecting and studying data from many wallets and transactions on the Tron blockchain, we can understand overall market trends and activity. This helps us identify important participants, liquidity sources, and major market changes.

  
  

## How to use Bitquery Investigation Service to Recover Stolen USDT?

  

Losing digital assets like TRC20 tokens due to hacks, scams, or incorrect transfers can be a distressing and challenging experience, making recovery difficult.

  

The [Bitquery investigation service](https://bitquery.io/products/crypto-investigation-services) can benefit individuals who have lost TRC20 tokens.

  

Here's how it works:

  

Request Assistance: The process begins by [submitting a form](https://share.hsforms.com/1JFHb2vpNSnGYa5y6F8S1gw3rc4g) on Bitquery’s platform to request help with recovering stolen USDT TRC20 tokens.

  

Initial Assessment: After receiving the request, Bitquery's team of expert crypto investigators conduct an initial assessment using the Coinpath® tool. This tool

traces the flow of funds on the blockchain, identifying patterns and addresses involved in the incident.

  

Follow-Up Investigation: If promising leads are found, such as suspicious transactions or interactions with exchanges, Bitquery conducts more investigation to determine their importance to the case.

  

Reporting: The team contacts the victim to discuss the findings and offers the option to purchase a complete report. This report provides a detailed analysis and insights into the incident, including valuable information for creating a case with government officials or law enforcement agencies.

  

Collaboration with Authorities: Finally, Bitquery collaborates with authorities. They use the complete report to provide evidence and support for legal proceedings to recover the stolen funds.

  

## MoneyFlow

  

[MoneyFlow](https://bitquery.io/products/moneyflow) is a powerful tool designed specifically for blockchain investigators, and an essential part of [Bitquery’s](https://bitquery.io/) service. This tool provides an intuitive interface and advanced capabilities for tracking the flow of digital assets across multiple blockchains. Whether you're an investigator looking to trace the movement

of stolen funds or an analyst monitoring suspicious transactions, MoneyFlow offers a comprehensive solution for following the trail of tokens.

  
  
  

## Common Questions and Troubleshooting

  

It's common to encounter issues while tracking Tether USDT TRC20 transactions. Here are some common questions and troubleshooting tips to help you navigate the process

effectively.

  

## How can I track a Tether USDT TRC20 transaction using Bitquery Explorer?

To track a Tether USDT TRC20 transaction, visit the [Bitquery Explorer](https://explorer.bitquery.io/), and enter the transaction ID or wallet address in the search bar to view the transaction history.

## Can I track multiple transactions at once?

You can track multiple transactions by using the Bitquery API to automate the entire process.

## How do I identify the sender and receiver in a transaction?

When you query the Bitquery API, the details of each transaction include the sender and receiver addresses, the transaction amount, and the timestamp.

  

## How can I use the Bitquery API for more advanced tracking?

The Bitquery API allows for more advanced queries and data analysis. For examples and usage guidelines, please refer to the [Bitquery documentation](https://docs.bitquery.io/).

  
  
  
  

## Troubleshooting Tips

  

Here are some essential troubleshooting tips in case you encounter issues while tracking Tether USDT TRC20 transactions.

### Unclear Transaction Path

Tracing the flow of funds can be difficult when handling unclear or complex transaction paths. Here's a simplified approach using an example address and visual aids to show USDT (Tether) transaction flow.

  

Example Wallet Address: TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf

  

Examining the money flow screenshot allows you to visualize how USDT moves across different addresses. This approach aids in understanding the movement of funds from the initial address to their final destinations, highlighting critical points in the transaction path and identifying patterns.

  

Steps;

-   Identify the wallet address. In this example, we use the address TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf.
    

[https://explorer.bitquery.io/tron/address/TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf/graph](https://explorer.bitquery.io/tron/address/TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf/graph)

-   Review the screenshots showing inbound and outbound transactions for the address.
    

  
![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/jg5526vjf3jfs3brx740.png)

With this method, you can effectively trace the transaction path and gain insights into the movement of funds across multiple addresses.

  

## Best Practices for Safeguarding and Managing USDT on the Tron Blockchain

  

To keep your Tether USDT TRC20 safe, it's important to follow best practices that promote security and efficiency. These include:

-   Select a secure wallet with strong security features.
    
-   Enable two-factor authentication (2FA) for additional protection.
    
-   Regularly update your wallet software to guard against vulnerabilities.
    
-   Keep your private keys and seed phrases in a secure location and never share them.
    
-   Verify recipient addresses and transaction amounts before confirming.
    
-   Make sure you are interacting with the correct blockchain (Tron for Tether USDT TRC20).
    
-   Always review transaction history and wallet activities.
    

  
  

## Conclusion

  

Tracking Tether USDT TRC20 transactions using the Bitquery API is straightforward. This method can be extended to monitor various transaction types and currencies by

adjusting query parameters. Bitquery enables efficient blockchain activity monitoring, proving valuable for developers, auditors, and individuals engaged in the cryptocurrency space.

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_Written by Edgar Nwajei_