$48 Million in USDT Repositioned to Monero Before Tether Freeze on June 11

According to blockchain analyst ZachXBT, $120.2 million in Tether flowed through a Tron wallet on June 11, with portions rapidly converting to Monero within hours. The funds moved through multiple destinations including KuCoin-linked addresses and cross-chain bridges. The conversion drove Monero's price up approximately 30% intraday during the incident.

Tether subsequently froze $72 million linked to the activity, but approximately $48 million had already been repositioned into privacy networks, complicating recovery efforts. Monero's privacy features limited transaction visibility, shifting investigative focus to exchange records and timing correlations rather than direct blockchain analysis.