Tether has frozen more than $72 million worth of USDT on the Tron blockchain after blockchain investigator ZachXBT linked a major wallet to unusual fund movements and heavy Monero (XMR) buying activity that coincided with a sharp price rally.
Tether freezes $72M tied to suspicious Tron wallet
According to ZachXBT, a Tron address identified as TA6YHqB2xh5HhfmC7WoLQaWmqq7Vv4zCoQ received approximately 120.2 million USDT on June 11 before rapidly moving the funds through multiple channels. The wallet reportedly sent more than $12 million to KuCoin deposit addresses and another $8 million to various instant exchange services.
The investigator also said roughly $8 million was bridged from Tron to Bitcoin and Ethereum through Near Intents, adding to concerns over the movement of the funds across different blockchain networks.
Large Monero orders trigger sharp XMR rally
ZachXBT linked the same entity to Monero purchases that appeared to cause a sudden jump in the privacy coin’s price. During the activity, XMR climbed from around $330 to as high as $420 before pulling back.
Despite the correction, Monero continued trading above previous levels, reflecting sustained market interest. The token also recorded a wide 24-hour trading range and elevated trading volume, highlighting the impact that large buy orders can have on its relatively limited market liquidity.
In September 2025, Monero’s blockchain suffered an 18-block reorg, reversing around 117 confirmed transactions and reigniting concerns over the network’s long-term stability. The attack was tied to Qubic, an AI-focused blockchain and mining pool that recently secured majority control of Monero’s hashrate.
Is freezing addresses a custodial risk of centralized exchanges?
Following the investigation, Tether blacklisted a Tron address reportedly linked to the suspicious fund movements, freezing about $72 million in USDT held in the wallet.
This shows how centralized stablecoins such as USDT operate. Because Tether controls the token’s smart contract, it can freeze or blacklist specific addresses when necessary, preventing the funds from being transferred. This differs from decentralized cryptocurrencies like Bitcoin and Monero, where no central issuer has the power to block transactions or freeze assets.
In recent months, Tether has frozen hundreds of millions of dollars across Ethereum and Tron addresses as part of efforts to restrict suspicious or potentially illicit transactions.
The incident has also renewed attention on Monero’s market dynamics, with traders watching closely to see whether XMR can maintain support above the $350 level after its volatile rally.
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