Monero Jumps 27% After $120M USDT Laundering Trace
A suspected $120.2M USDT transfer on June 11 routed part into Monero, lifting XMR as much as 27% intraday; Tether froze $72.03M of linked USDT while about $48M moved out of reach.
On June 11 a Tron address received 120.2 million USDT and parts of that sum were converted into Monero (XMR), driving the privacy coin up to 27% intraday. Tether blacklisted the linked address and froze $72,030,295 of USDT within about 30 seconds of detection, while blockchain records show roughly $48 million was moved out of reach within a day.
On-chain investigator ZachXBT traced the flows from the Tron address. According to the trace, more than $17.5 million was sent to KuCoin deposit addresses, roughly $8 million went to instant exchange services, and over $8 million was bridged from Tron to Bitcoin and Ethereum via Near Intents. ZachXBT published the trace and wrote, “The entity created Monero orders which caused the XMR price to spike from $330 -> $420.”
The purchases pushed XMR from about $330 to $420 within hours and produced an intraday high near $475. At the time of reporting the price was around $380, up nearly 10% over the prior 24 hours. The buys executed at ascending prices, with some later fills trading as much as 27% higher than earlier ones.
Tether’s response included blacklisting the identified address and freezing the linked tokens. The frozen $72,030,295 may remain immobilized while on-chain traces are examined. Blockchain records and the investigator’s trace indicate the suspected operator managed to move a portion of the funds before the freeze took effect.
Market data shows Monero’s market capitalization near $7.1 billion and XMR ranked 16th by market cap. Global 24-hour XMR turnover was about $303 million during the period in question. Several exchanges removed Monero trading in 2024, reducing venues where large volumes can be executed.
There is precedent for large swaps into Monero: in April 2025, a reported $330 million theft included transfers that were converted into Monero and produced a similar price reaction. The trading footprint from the June 11 flows remains visible in exchange order books and price charts. Investigations into the origins and final destinations of the funds are ongoing.
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