Monero price surges amid $120M laundering maze

An unknown entity moved approximately $120 million in USDT stablecoins through a complex series of transactions, including significant purchases of the privacy coin Monero. These large Monero buy orders temporarily inflated its price from around $330 to a high near $438, demonstrating how thin market liquidity can amplify price movements. Onchain investigator ZachXBT traced the remaining funds across various exchanges, instant swap services, and other blockchains. Tether subsequently froze $72 million in USDT associated with this activity, which exhibits characteristics commonly linked to money laundering operations.