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Tether [USDT] worth 12 million sent from Tether treasury to unknown wallet

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Source: Unsplash

Tether has been the center of rumors and speculation for a long time; however, the rumors and speculations reached a peak when NYAG, Letitia James, filed a lawsuit against Bitfinex and Tether for defrauding investors by covering up losses.

The lawsuit might have subsided after the new injunction by New York Supreme Court, but it is likely to resurface again. As per data obtained from CoinMarketCap, the market cap of Tether increased by a couple hundred million in the past month, which adds fuel to the rumor surrounding the exchange. Moreover, about 12 million USDT was moved from Tether Treasury to unknown wallets as seen on Ether Scan.

Whale Alert tweeted:

The funds were split into two transactions, ~5 million USDT and ~6.7 million USDT sent from a single wallet 5754284f345afc66a98fbb0a0afe71e0f007b949 to wallet b1fa690155821bf9191d609593b556048aca517c and 7c7019a8a4e8f0b900b88a3efca951b73afab9e8. The sender has a balance of 42 million USDT.

Source: CoinMarketCap

In addition, the above chart by CoinMarketCap shows how the market cap of Tether [also circulating supply] has increased by over a $300 million in a month, i..e, $2.6 billion to $2.9 billion.

A Twitter user @casPiancey tweeted:

Moreover, according to The Block, Tether also admitted in court to investing some of its reserves in Bitcoin. The article stated:

“Prior to the April 24th order … Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin.”





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