Monero Price Surges to $438 Amid $120 Million Laundering Investigation
An unknown entity moved approximately $120 million in USDT through multiple swaps, pushing Monero's price from around $330 to an intraday high of $438. Tether froze $72 million in USDT linked to the suspicious transactions, which exhibit signs of money laundering, according to CoinDesk's reporting by Shaurya Malwa.
Monero (XMR) experienced significant price fluctuations as it climbed from approximately $330 to near $438 due to a substantial $120 million transfer involving Tether's USD-pegged stablecoin (USDT). This transaction, which took place across various exchanges and services, is now under scrutiny for potential money laundering activities.
Blockchain investigator ZachXBT reported that the funds were initially received on the Tron network, a blockchain frequently utilized for its low transaction costs, before they were dispersed in multiple directions. A sizable portion was converted into Monero, a privacy-focused cryptocurrency known for its ability to obscure transaction details, complicating traceability. This series of significant purchases allowed Monero's price to spike, demonstrating how limited liquidity can magnify market movements.
ZachXBT detailed that more than $12 million of the funds was traced to deposit addresses at the KuCoin exchange, while about $8 million went to instant swap services. An additional $8 million transitioned to Bitcoin and Ethereum networks via the Near Intents tool. Such maneuvers are typical for entities attempting to disguise the origin of illicit funds.
Following these developments, Tether intervened by freezing $72 million in USDT tied to the transactions, effectively preventing any movement or withdrawal of the funds.
"The patterns of fast movement into a privacy coin and the use of cross-chain swaps indicate potential money laundering," said ZachXBT.
Despite the urgency of these events, questions remain regarding the original source of the $120 million before its complex routing.This incident not only impacts the price of Monero but also raises broader concerns about money laundering within the cryptocurrency ecosystem. Stakeholders should monitor any regulatory responses that may result from these findings, as well as any additional measures Tether or other exchanges might take in light of such activities.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Jun 12, 2026. SolanaWire does not republish source content.
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