Monero (XMR) is a privacy-focused cryptocurrency that hides transaction history.
The incident is still under investigation.
Tether blocked a Tron network wallet with 72,030,295.55 USDT, after the address was linked to a movement of funds that researcher ZachXBT described as a possible exploit of 120 million dollars.
According to him report by ZachXBT (and can be verified in Tron network browsers), June 11 address TA6YHqB2xh5HhfmC7WoLQaWmqq7Vv4zCoQ received 120.2 million USDT on the Tron network.
From there, funds began to fragment– More than 17.5 million USDT were sent to KuCoin deposit addresses and another 8 million were distributed among various instant exchanges.
According to the same researcher, part of those funds would have been used to create purchase orders for monero (XMR) —privacy-focused cryptocurrency—, which would have caused the price of XMR to jump from $330 to almost $440.
Additionally, more than 8 million were moved from Tron to Bitcoin and Ethereum through the Near Intents bridge.
The following graph shows how the price of XMR has moved over the last 24 hours.
Hours later, Tether executed address freeze TBzrPEsStbZAUx2SBhD4oHz8UW3FX9Ak9Widentified as linked directly to the wallet of the alleged exploit, immobilizing 72,030,295.55 USDT in TRC20.
According to the tracking bot data below, the crash execution was confirmed at 07:37:18 UTC:
To date, the origin and exact nature of the funds have not been publicly identified. nor has it been officially confirmed that it is a exploit (beyond ZachXBT speculation). The situation continues to be monitored.
As CriptoNoticias has explained in the past, stablecoin issuing companies such as Tether or Circle (responsible for USDC) have the possibility of freezing their users’ funds and usually do so when there is an alert of exploitshacks, or by court order.