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Monero prices rocket to $438 amid $120 million onchain laundering maze
Key takeaways
- Onchain investigator ZachXBT said in a Telegram broadcast earlier Friday that an address received 120.2 million USDT on the Tron network on Thursday.
- The entity then began splitting the money up and sending it in different directions.
- Some of it went into Monero (XMR), a privacy coin designed to hide who sends and receives funds, which makes it hard to trace.
Onchain investigator ZachXBT said in a Telegram broadcast earlier Friday that an address received 120.2 million USDT on the Tron network on Thursday. USDT is the largest stablecoin, a crypto token built to hold a steady $1 value, and Tron is a blockchain often used to move it cheaply.
The entity then began splitting the money up and sending it in different directions.
Some of it went into Monero (XMR), a privacy coin designed to hide who sends and receives funds, which makes it hard to trace. The buy orders were large enough to move the market, and ZachXBT said these orders pushed Monero from about $330 to $420.
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