Key facts
- Blockchain investigator ZachXBT identified a $120 million USDT laundering scheme.
- The scheme involved routing funds through Monero, causing its price to surge.
- Monero's price rose from $330 to $438 during the tracing period.
- Tether froze $72 million in USDT connected to the laundering attempt.
Blockchain investigator ZachXBT has traced a significant attempt to launder $120 million in USDT, a stablecoin issued by Tether. The scheme reportedly involved routing funds through Monero, a privacy-focused cryptocurrency. This activity coincided with a notable price surge for Monero, which climbed from $330 to $438.