A massive movement of crypto funds has caught the attention of the market after blockchain investigator ZachXBT tracked more than $120 million in USDT moving through several platforms and wallets.
According to ZachXBT, a Tron wallet received 120.2 million USDT on June 11 and quickly started moving the funds across different exchanges and blockchain networks. More than $12 million was sent to KuCoin deposit addresses, while another $8 million was routed through instant exchange services. An additional $8 million was bridged from Tron to Bitcoin and Ethereum using Near Intents.
The activity became especially noticeable because it happened around the same time Monero (XMR) experienced a sudden and powerful price rally.
ZachXBT believes the same entity behind the large USDT transfers also placed major Monero buy orders. These purchases helped push XMR from around $330 to as high as $420 in a short period, creating one of the biggest moves in the privacy coin market this month.
Although Monero later pulled back, it continued trading near $357. The cryptocurrency saw a wide 24-hour trading range between roughly $345 and $438, highlighting the intense volatility triggered by the large orders.
The sudden rally has renewed discussion about Monero’s liquidity. Because XMR is listed on fewer exchanges than many major cryptocurrencies, large buy or sell orders can have a much bigger impact on price.
The story took another turn when Tether stepped in. On June 12, the company froze more than $72 million in USDT held in a Tron wallet linked to the investigation. The blacklisted address reportedly contained over 72 million USDT at the time of the freeze.
The action demonstrates one of the key differences between stablecoins like USDT and decentralized cryptocurrencies such as Bitcoin or Monero. Tether has the ability to freeze tokens when necessary, while transactions on Bitcoin and Monero cannot be stopped by a central issuer.
This is not the first major freeze carried out by Tether. In May alone, the company reportedly froze around $515 million worth of USDT across the Ethereum and Tron networks, with most of the frozen funds located on Tron.
The latest developments come after Monero had already been gaining momentum due to growing interest in privacy-focused cryptocurrencies, new integrations from Cake Wallet, and increased attention on Monero’s security and technology.
Now, traders are closely watching whether Monero can stay above the $350 level. If buyers remain active, the price could make another attempt toward $400. However, if support weakens, many analysts may view the recent surge as a short-term move driven mainly by large orders rather than long-term demand.
