On-chain investigator ZachXBT stated that a wallet linked to a brief surge in Monero (XMR) has recently moved funds rapidly across multiple platforms, involving over $120 million in USDT. Subsequently, Tether blacklisted a related Tron address and froze approximately $72 million in USDT, prompting market attention to whether this activity is connected to market manipulation.
Funds rapidly circulate across multiple platforms.
According to ZachXBT’s disclosure, on June 11, a Tron address received approximately $120.2 million in USDT. Subsequently, these funds did not remain in a single address but were quickly dispersed across multiple channels.
Among this, over $12 million was transferred to KuCoin deposit addresses, and approximately $8 million flowed through instant exchange services. Meanwhile, over $8 million was cross-chain transferred from Tron to the Bitcoin and Ethereum networks via Near Intents.
XMR rose to $438 within a few hours.
ZachXBT also stated that the involved entities placed large Monero buy orders during the fund transfer period, rapidly pushing up the price of XMR. Data shows that XMR rose from approximately $300 to $438 before retreating.
- The starting price is approximately $300.
- Intraday high reached $438
- Subsequently retraced to the $358 to $366 range.
Tether freezes funds associated with relevant Tron addresses.
Several hours after the suspicious transaction occurred, Tether froze a related Tron wallet. ZachXBT stated that the blacklisted address, TBzrPE….9Ak9W, is directly linked to the wallet under investigation.
At this time, Tether has not publicly disclosed the specific reason for this freeze in coordination with law enforcement agencies. However, Tether has previously frozen wallets associated with suspicious activity, hacking incidents, sanctions violations, or ongoing investigations.
The ownership of the funds, the motivation behind the transactions, and whether price manipulation occurred remain publicly unresolved. The market’s next focus will be on the subsequent on-chain activity of the involved addresses, as well as whether Tether or law enforcement will disclose further information.