<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/mysterious-mass-swapping-of-usdt-to-dai-sparks-investigation-into-binance-linked-addresses/">Mysterious Mass Swapping of USDT to DAI Sparks Investigation into Binance-Linked Addresses</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Adam Cochran, a well-known trader and technical analysis expert on Twitter, shared a tweet of an address that has been mass swapping USDT (Tether) to DAI. This address is funded by Binance and has multiple addresses that are bulk-selling USDT. Cochran notes that this is a long chain of addresses that have been interacting with USDT over the past year, but it traces back to an address funded with thousands of ETH (Ethereum) from Binance.</p> 
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   <p lang="en" dir="ltr">1/11<br><br>The address that's mass swapping USDT -&gt; DAI is Binance funded and has multiple addresses bulk selling USDT.<br><br>It's a long chain of addresses that have been interacting with USDT over the last year.<br><br>But goes back to an address funded with 1000s of ETH from Binance <a href="https://t.co/wRxTwGpOSH" rel="noopener noreferrer nofollow">pic.twitter.com/wRxTwGpOSH</a></p>— Adam Cochran (adamscochran.eth) (@adamscochran) <a href="https://twitter.com/adamscochran/status/1687192615656046598?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 3, 2023</a> 
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<p>The addresses involved in these transactions were initially only associated with the inflow and outflow of USDT. However, about 100 days ago, a shift was noticed. These addresses began converting incoming USDT to DAI.&nbsp;</p> 
<p>Two addresses, in particular, have been identified as being involved in these transactions: These addresses have been seen to be involved in the conversion of Tether into DAI.</p> 
<h2 id="these-addresses-have-also-been-spoof-phishing-attack-targets" data-name="these-addresses-have-also-been-spoof-phishing-attack-targets" class="wp-block-heading">These Addresses Have Also Been Spoof Phishing Attack Targets</h2> 
<p>Interestingly, these addresses have also been the target of spoof phishing attacks. These attacks are typically aimed at exchanges, leading to speculation that the addresses might be associated with an exchange. The fact that these addresses are being targeted by such attacks adds another layer of intrigue to the situation.</p> 
<p>The pattern of transactions associated with these addresses is not typical of automated market-making tools. This is because the transactions result in a loss, which contradicts the profit-making objective of such tools.&nbsp;</p> 
<p>The transactions follow a specific pattern: stablecoins such as BUSD or Tether are received from Binance, after which they are redeemed or sold to DAI. The DAI is then forwarded through multiple addresses, effectively splitting it out. This pattern has been consistently observed for several months.</p> 
<p>Recently, there has been a noticeable increase in the frequency of these transactions. The reasons for this acceleration remain unknown, adding to the mystery surrounding these activities.</p>

Mysterious Mass Swapping of USDT to DAI Sparks Investigation into Binance-Linked Addresses

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