CoinDesk·3d ago·negative

Monero spikes 33% as $120M laundering scheme traced, Tether freezes $72M

An unknown entity moved $120M in USDT through privacy coin Monero, spiking its price 33%. Onchain sleuth ZachXBT traced the funds and Tether froze $72M linked to the laundering attempt.

An unknown entity routed $120M in USDT through a chain of swaps including large Monero purchases
Monero's price surged 33% from $330 to $438 due to the large buy orders hitting thin liquidity
Onchain investigator ZachXBT traced funds to KuCoin, instant swap services, and other blockchains
Tether froze $72 million in USDT at addresses linked to the activity
The pattern of privacy coin swaps and cross-chain hops is typical of money laundering

securityscamsImpact 6/10

Why our editor rated this negative

Story highlights ongoing laundering activity in crypto, but also shows that tracing tools and stablecoin issuer freezes are effective countermeasures.

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