Introduction
A recent transaction by the Tether Treasury, involving a $60 million transfer to a notable whale, has caught the attention of the cryptocurrency community. Lookonchain, a prominent Web3 data analysis tool, reported on this significant movement of funds.
Massive Transfer Tracked
According to Lookonchain, this transaction is part of a larger pattern, with a total of $1.76 billion USDT being moved from the Tether Treasury to various exchanges since October 20. This amount is equivalent to the purchase of approximately 44,000 Bitcoin (BTC) at an average price of $40,000.
Previous Significant Transactions
The scrutiny intensified on November 22 when Lookonchain disclosed further substantial transactions from the Tether Treasury, including the minting of an additional $1 billion USDT. An entity has reportedly accumulated 1.13 billion USDT from the Tether Treasury in just over a month, sparking further investigation and discussion among market analysts.
Background of Controversies
These large-scale movements are under close observation due to past controversies surrounding Tether, the world’s largest stablecoin. Critics have repeatedly questioned the transparency and financial stability of the stablecoin, leading to increased market scrutiny.
Legal and Investigative Challenges
Compounding the situation, Tether’s legal settlement with the New York Attorney General (NYAG) revealed periods when the stablecoin was not fully backed. Furthermore, a Wall Street Journal investigation highlighted allegations of Tether’s partners using counterfeit documentation for banking access, adding layers of complexity to the ongoing scrutiny.
Conclusion
The crypto community remains watchful as these developments unfold, with many stakeholders calling for greater transparency and stability in the operations of Tether Treasury and its associated transactions.
