Bitfinex and Tether exchange massive funds as whales get busy

As the cryptocurrency market continues to evolve and volatility of prices takes center stage, several large transactions have been taking place as well. The Bitfinex-Tether episode concerned most users as the two were at the center of these suspicious transfers.

On May 23 and May 24, Whale Alert, a large cryptocurrency-related transactions tracker, highlighted a series of transactions that took place from Bitfinex to Tether Treasury and vice versa. Out of the five transactions that took place between the two bodies, two transfers involved approximately 15,000,000 USDT from Bitfinex to Tether Treasury.

The first transfer that took place between Bitfinex and Tether was of 10,000,000 USDT, which was worth $10,037,112 USD and was transferred from Bitfinex’s wallet address, 876eabf441b2ee5b5b0554fd502a8e0600950cfa, to Tether’s wallet address, 5754284f345afc66a98fbb0a0afe71e0f007b949. The hash of the transaction was a002abd0b2ed6a550f1945b2ad353688fd386caa55ce17aa0ba979469663378. The time of the transaction was 15:38:13 UTC.

Source: Whale Alert

Source: Whale Alert

The second transaction took place on the Bitcoin Blockchain where 10,000,000 USDT was transferred from Tether Treasury, 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz to Bitfinex, 1KYiKJEfdJtap9QX2v9BXJMpz2SfU4pgZw. The hash rate of the transaction was noted to be dddd954a4bc8fc81aed36964e483e7bc371317a00ca4fa17554258210e948c12. The time of the transaction was 15:42:16 UTC.

Source: Whale Alert

Source: Whale Alert

The third transaction took place on Ethereum’s blockchain where Tether, once again, transferred 20,000,000 USDT to Bitfinex’s different wallet address reported to be f3da645d82f538f99b27cb3cc050cf0db39619a6. The hash of the transaction was 30918df190d4a8cfb4c9874f4cfc295d37a0303f3d12a9549b595825d5c00d79. The time of the transaction was 15:44:04 UTC.

Source: Whale Alert

Source: Whale Alert

The transaction took place within minutes. The following two transactions took place at 21:46:14 UTC and  21:56:53 UTC, respectively.

The fourth transaction was carried out on the Ethereum blockchain from Bitfinex’s wallet to Tether Treasury. Bitfinex transferred 5,000,000 USDT worth $5,030,045 USD to Tether Treasury. The hash of the transaction was e7e993ffded4955106e6491b61aca37c0f1772038e8b73e89f155bb6a085a1f5.

Source: Whale Alert

Source: Whale Alert

The fifth and the final transaction took place from Tether’s wallet to Bitfinex’s wallet on the Bitcoin blockchain at 21:56:53 UTC. The hash of the transaction was 4aad7f847c6a57e03f93247e578dad49045243427977916eed269263f2120af1.

Source: Whale Alert

Source: Whale Alert

A total of 50,000,000 USDT was transacted between Bitfinex and Tether, out of which four transactions went back and forth between the two accounts within seconds. However, one transaction from Tether to Bitfinex, which amounted to 20,000,000 USDT, did not come back from Bitfinex to Tether.

Several users have thus speculated that this a trick being played by both parties in a bid to pump the market.

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