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ZachXBT traced a $120 million USDT wallet behind Monero's explosive recent rally.
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Tether blacklisted and froze $72 million USDT connected to the investigated address.
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Investigators now seek answers about ownership and motive behind suspicious transactions.
A wallet linked to Monero’s massive price surge has been frozen by Tether, locking up around $72 million in USDT. The move came after blockchain investigator ZachXBT connected more than $120 million in USDT transactions to activity that helped send XMR soaring 46% in a matter of hours.
Meanwhile, this has raised concerns over possible manipulation behind the XMR surge.
ZachXBT Traces Suspicious Wallet Behind XMR’s Spike
According to ZachXBT, the activity began on June 11 when a Tron address received 120.2 million USDT. Rather than holding the funds, the wallet rapidly moved capital across multiple platforms.
More than $12 million was reportedly sent to KuCoin deposit addresses, while another $8 million flowed through instant exchange services.
At the same time, over $8 million was bridged from Tron to Bitcoin and Ethereum networks using Near Intents.
Further, ZachXBT noted that the entity also placed large Monero (XMR) buy orders, fueling the sharp price rally. Those purchases coincided with XMR’s sharp rally from around $300 to $438 before the price later pulled back toward $358.
Within the hour, XMR surged nearly 46%, jumping from around $300 to a peak of $438 before settling back to $366.
Tether Steps In With $72 Million Freeze
A few hours after the suspicious transactions, Tether quickly stepped in and blacklisted a Tron wallet.
According to ZachXBT, Tether blacklisted a Tron address TBzrPE….9Ak9W directly linked to the wallet under investigation, freezing approximately $72 million USDT.
Neither Tether nor law enforcement agencies have publicly detailed the reason behind the action. However, the company regularly freezes wallets linked to suspicious activity, hacks, sanctions violations, or ongoing investigations.
