On June 11, the address TA6YHqB2xh5HhfmC7WoLQaWmqq7Vv4zCoQ received 120.2 million USDT on the Tron blockchain. According to ZachXBT, the funds were rapidly dispersed, with $12 million flowing into KuCoin deposit addresses and $8 million routed through instant exchanges. Another $8 million was bridged to Bitcoin and Ethereum via Near Intents. This liquidity movement preceded a sharp surge in the price of Monero, which climbed from $330 to $420 as the entity executed large orders.
In section Cryptocurrency
Tether Freezes $72M After ZachXBT Links Wallet to Monero Price Spike
A single address on the Tron network triggered a massive freeze by Tether this week after on-chain investigator ZachXBT traced its role in a volatile Monero rally. The wallet, which handled over $120 million in USDT, was blacklisted shortly after its activity coincided with an abrupt jump in XMR pricing.
By Friday morning, Tether intervened by blacklisting a related address, TBzrPEsStbZAUx2SBhD4oHz8UW3FX9Ak9W, effectively freezing 72.03 million USDT. This action highlights the contrast between centralized stablecoins and privacy-focused assets like Monero, where issuers lack the ability to halt transactions. While XMR has since cooled to trade near $357, the incident underscores the vulnerability of the privacy coin to large-scale order flow, given its shallower liquidity compared to major market tokens.
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