Tether freezes $72M USDT after $120M laundering case

A Tron wallet received 120.2M USDT, split funds across platforms, and bought Monero, causing its price to surge. Tether froze $72M USDT as investigations continue.

On June 11, a Tron-based wallet received 120.2 million USDT and rapidly dispersed the funds through exchanges, instant-swap services, cross-chain bridges, and into Monero (XMR). Blockchain investigator ZachXBT tracked the activity, noting over $12 million sent to KuCoin, about $8 million moved via instant exchanges, and more than $8 million bridged from Tron to Bitcoin and Ethereum. Significant Monero purchases coincided with a sharp price surge from $330 to $420. In response, Tether blacklisted the wallet and froze approximately $72 million in USDT that remained, highlighting the growing role of stablecoin issuers and blockchain analytics in crypto enforcement. The wallet's origins and ownership remain unknown, and investigations into the suspicious activity are ongoing.