Techub News, citing Spaziocrypto, reported that Tether froze $72 million in USDT in a Tron wallet on June 12. The wallet had received $120.2 million one day earlier and then used multiple channels to purchase large amounts of Monero (XMR). The buying activity pushed the price of XMR up by about 30% for a short period.
ZachXBT Identifies Unusual On-Chain Fund Flows
On-chain investigator ZachXBT tracked the wallet and found abnormal fund movements. According to ZachXBT’s analysis, the attacker attempted to use Monero’s privacy features to hide the flow of funds. However, the transaction size was so large that it pushed up the token’s price and exposed the activity instead.
Tether later used a smart contract to freeze the remaining funds in the wallet, preventing further transfers. The report also said it remains unclear whether these funds are connected to a previous April freezing case involving Iran-linked addresses.