Entity Routes $120M USDT via Monero Swaps, Tether Freezes $72M
An unknown entity routed approximately $120 million in USDT stablecoins through a complex series of swaps this week, including large purchases of the privacy coin Monero (XMR). Onchain sleuth ZachXBT traced the funds across exchanges, instant swap services, and other blockchains. The Monero buy orders were large enough to push its price from roughly $330 to an intraday high near $438, a 33% surge, highlighting how thin liquidity can amplify market moves. Tether later froze $72 million in USDT linked to the activity, which bears hallmarks of money laundering. The remaining funds were scattered: over $12 million went to KuCoin deposit addresses, about $8 million to instant swap services, and another $8 million moved via Near Intents to Bitcoin and Ethereum networks. The pattern—fast movement into privacy coins, instant swaps, and cross-chain hops—is typical of laundering illicit funds. The original source of the $120 million remains unclear.
Key facts
- Entity swapped $120M USDT through complex chain, buying Monero and triggering a 33% price surge.
- ZachXBT tracked funds across exchanges, instant swaps, and blockchains like Bitcoin and Ethereum.
- Tether froze $72M USDT on Tron linked to the laundering activity.
- Monero price jumped from $330 to $438 due to thin liquidity enabling large trades.
- Funds scattered to KuCoin, instant swaps, and cross-chain tools to obscure trail.