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<ul><li>Adam Cochran believes that Binance has been dumping the USDT stablecoin over the past weeks.</li><li>The crypto influencer revealed that the address behind the USDT dumps was funded by Binance.</li><li>Tether CTO Paolo Ardoino has also highlighted the suspicious selling pressure being put on USDT.</li></ul>Crypto influencer Adam Cochran recently alleged that crypto giant Binance was engaging in the manipulation of the world’s largest stablecoin Tether USD (USDT). Cochran cited on-chain research which showed that an address responsible for dumping hundreds of millions of USDT was funded by Binance.Adam Cochran took to Twitter earlier today to share his take on USDT’s ongoing manipulation:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7b944b6f11f8445b90460c97a0832299.png" />According to Cochran, the wallet that had been swapping massive amounts of USDT into the decentralized DAI stablecoin was funded by Binance. Several other addresses associated with the said wallet had been market-selling USDT over the past year. Cochran’s on-chain <a href="https://twitter.com/adamscochran/status/1687195342364721153" rel="noopener noreferrer nofollow">analysis</a> revealed that the wallet received thousands of Ether from Binance.The wallet in question started swapping USDT to DAI about three months ago, however, Cochran alleged that the wallet may be controlled by Binance itself. The associated addresses were reportedly receiving stablecoins such as BUSD from the crypto exchange and redeeming them. Cochran told his followers that this process began several months ago and was executed on purpose, given that the trades resulted in a loss.Paolo Ardoino, the Chief Technology Officer at Tether, took note of the manipulation of USDT and <a href="https://twitter.com/paoloardoino/status/1687203348561223680" rel="noopener noreferrer nofollow">questioned</a> the timing of the suspicious selling pressure on his firm’s stablecoins. In a subtle dig at Binance and its founder Changpeng Zhao, Ardoino highlighted that two new stablecoins listed by Binance were benefitting from the market share lost by leading stablecoins like USDT and USD Coin (USDC).Read full article at<a href="https://cryptotale.org/crypto-influencer-alleges-binance-of-dumping-millions-of-usdt/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Crypto Influencer Alleges Binance of Dumping Millions Of USDT

CryptoTale

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