Another Huge Transfer From Tether Treasury to an Unknown Wallet

Whale Alert has reported another transfer of a huge amount of USDT from its Treasury to an Unknown wallet on 27th of May. The transaction took place at 06:24:35 UTC and involve the movement of 9,990,000 USDT approximately $10,116,538 USD from Tether’s own Treasury account to an Unknown wallet.

This is yet another huge transfer by the embattled company spiking some comments as to the intention of those movement and with a previous accusation of a possible pump by the company. Tether has yet to respond to the comments.

Recall that a few days ago Tether moved around $10 million worth of USDT from its treasury to an unknown wallet and this current transaction is also to the same wallet and the same amount.

There has been this trend of movement since the lawsuit against the company and its sister company BitFinex about an illegal action of Bitfinex covering its losses worth $850 million using the Tether reserve. This spike up a lot of flame and revelations which include a claim that only 70% of USDT is really backed up in USD, another claim came up that Tether has in fact been backing up their token in Bitcoin rather than USD.

But at the moment, USDT remain the most preferable Stable Coin and is the most stable of all and even though the company many be having some internal issues, the token seems unaffected.

Author: CoinTick Editorial

CoinTick Editorial is a collection of Cryptocurrency experts who are a team of the CoinTick arm of the BAYK Project. They are collectively sharing crypto News and Articles and regulating News and Articles published by CoinTick writers, External writers and Sponsored Posts on the CoinTick platform. To get in touch, use the Contact Us page or write to editorial@cointick.net

Leave a Reply