The infamous Bitfinex-Tether saga is far from cooling down after the oldest stablecoin, USDT, recorded a series of unusual fund movements to unknown wallets from its treasury.
Whale Alert, the ever-observant Twitter handle which tracks significant cryptocurrency transactions, reported another movement by the controversial Tether. According to the online crypto-tracker, a transaction of 20,000,000 USDT [worth $20,019,422] with the timestamp of Mon, 10 Jun 2019 12:48:46 UTC was executed from Bitfinex to Tether Treasury on the Bitcoin blockchain.
— Whale Alert (@whale_alert) June 10, 2019
The Bitfinex wallet address of the sender was 1KYiKJEfdJtap9QX2v9BXJMpz2SfU4pgZw and that of the recipient, Tether Treasury, was reported to be 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz. The hash of the said transaction was f4181abf634ff8561c42890bd8bc59a5d42045ec3c8ba3b4d9f71fb221b0406b.
Following the successful execution of the transaction, Bitfinex’s final balance stood at 101.89787316 BTC. The available balance on Tether Treasury was 179,898,234.45 USDT. The transaction fees incurred in the process was 0.00043690 BTC.
Similar transactions have previously been carried out between Bitfinex and Tether Treasury, wherein large sums of money were exchanged between the two. The latest fund transfer comes at a time when the largest crypto by market cap, Bitcoin [BTC], was pumping by over 4% in an hour, at press time, which is noteworthy because it was previously observed that every time Tether [USDT] was directly sent to Bitfinex, Bitcoin’s price would jump. This led analysts and prominent traders of the space to speculate that the scandalous duo, Tether and Bitfinex, could be the reason for the next Bitcoin crash.
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