Monero Price Plummets After Suspected $120M USDT Laundering Operation

The cryptocurrency Monero (XMR) experienced extreme volatility due to a suspected $120.2M USDT laundering operation.

On June 11-12, on-chain investigator ZachXBT traced a Tron address receiving about 120.2M USDT, which was split and routed to various addresses with a significant portion used to buy Monero.

This resulted in XMR jumping from $330 to intraday highs of $430-$475 within hours.

Tether blacklisted the key address and froze roughly 72M USDT associated with the suspected laundering operation.