Svmuu reports, "On-chain detective" ZachXBT stated on his personal channel that on June 11, a TRON address (TA6YHqB2xh5HhfmC7WoLQaWmqq7Vv4zCoQ) received approximately $120.2 million in Tether (USDT). Subsequently, it began transferring over $12 million USDT to KuCoin deposit addresses and moving about $8 million in funds to multiple instant exchange platforms.
ZachXBT indicated that the entity then created Monero (XMR) orders, causing the XMR price to surge from about $330 to $420 within a short period. Additionally, over $8 million in funds from this address were bridged cross-chain from the TRON network to Bitcoin and Ethereum networks via NEAR Intents.
ZachXBT noted that a few minutes ago, Tether blacklisted an address (TBzrPEsStbZAUx2SBhD4oHz8UW3FX9Ak9W) directly linked to the aforementioned address, involving approximately 72 million USDT. The flow of related funds and the background of the addresses have yet to be further confirmed.