Tether [USDT] treasury transfers almost 10 million USDT to unknown wallet

Over the past few years, the crypto-space has noted numerous scams and hacks where exchanges have lost large chunks of crypto. While a few were able to gain their funds back, many were left empty-handed. Bitfinex’s hack gained a lot of traction and opened gateways highlighting the various discrepancies in Tether. Following the same, the New York Attorney General’s office had restricted Tether Ltd from using its reserves.

On May 20, Whale Alert, a large cryptocurrency-related transactions tracker, noted a movement of funds from Tether’s Treasury to an unknown wallet. The amount in question was 9,890,100 USDT, worth $9,895,132.

The wallet address of the sender was 5754284f345afc66a98fbB0a0Afe71e0F007B949 and the address of the unknown wallet was reported to be 568cC6EcA34D56f5695B16Ff0250DFA77F247c47. The balance on the receiver’s wallet was 1,537.23823148238991326 Ether, which was worth $387,307.17 and the interesting part was that most of the transactions that took place from this address were in stablecoins, including Tether USD, USD coin, and Paxos Standard.

The hash of this particular transaction was c5194faa1ec81871a136c2bc8cd0e2a0c19e0b204ae64fbb7eeac6de19ca2848.

Source: Whale Alert

Source: Whale Alert

However, the value of transactions was is noted to be zero. Similarly, on May 20, Whale Alert also alarmed the community about another transaction from an address it identifies as the ‘Cryptopia hack’ account to an unknown wallet. The amount in question was 30,790 ETH, worth $7.74 million. The exchange has not yet confirmed the incident.

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