Monero prices rocket to $438 amid $120 million onchain laundering maze
Onchain sleuth ZachXBT traced remaining funds across exchanges, instant swap services and other blockchains. Tether later froze $72 million in USDT linked to the activity.
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Summary
- An unknown entity routed about $120 million in USDT stablecoins through a complex series of swaps this week, including large purchases of the privacy coin Monero.
- The Monero buy orders were big enough to push its price from roughly $330 to an intraday high near $438, highlighting how thin liquidity can amplify market moves.
- Onchain sleuth ZachXBT traced remaining funds across exchanges, instant swap services and other blockchains.
- Tether later froze $72 million in USDT linked to the activity, which bears hallmarks of money laundering.
