Someone moved $120.2 million in USDT into a single Tron wallet on June 11, then started buying Monero in size. The price of XMR surged. Tether noticed, blacklisted the wallet, and froze approximately $72 million in USDT that hadn’t yet left the address.
What happened on-chain
A wallet on the Tron network received 120.2 million USDT in what appears to have been a single large transfer. From there, the funds were routed to exchanges where they were used to place aggressive buy orders for Monero, the leading privacy-focused cryptocurrency.
Those buy orders were large enough to visibly move XMR’s market price. Monero, which by design obscures transaction details like sender, receiver, and amount, is a favorite destination for anyone trying to convert traceable assets into something that can’t be followed.
On-chain investigator ZachXBT flagged the activity and began tracking the wallet’s movements. His analysis highlighted that the wallet’s origins and the identity behind it remain unclear as of June 12. The wallet had no meaningful prior history.
