Bitcoin

Lookonchain, a web3 data analysis tool that tracks whale activity, shared a post on X that one fund or institution had secured $60 million in USDT from the Tether Treasury. 
This brings the total to $1.76 billion USDT received from <a href="https://crypto.news/tag/tether/" data-type="link" data-id="https://crypto.news/tag/tether/">Tether</a> Treasury and subsequently funneled into exchanges since Oct. 20. 
As part of the post, Lookonchain puts these numbers into perspective, highlighting the sum is enough to acquire 44,000 Bitcoin (<a target="_blank" href="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">BTC</a>) at an average price of $40,000. 
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 The mysterious fund/institution received 60M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> from <a href="https://twitter.com/hashtag/TetherTreasury?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#TetherTreasury</a> again 2 hours ago. This fund/institution has received a total of 1.76B <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> from <a href="https://twitter.com/hashtag/TetherTreasury?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#TetherTreasury</a> and transferred to exchanges since Oct 20. The 1.76B <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> can buy 44K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> at an average price of $40,000. <a href="https://t.co/POIWCHo3Gg" target="_blank">pic.twitter.com/POIWCHo3Gg</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1733158328761790839?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 8, 2023</a>
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On Nov. 22, Lookonchain also reported significant Tether treasury transactions, revealing that Tether Treasury had recently minted an additional $1 billion. The tweet emphasized a noteworthy development, cautioning followers that this particular entity had accumulated a staggering 1.13 billion USDT from the Tether Treasury within the preceding 32 days. 
 You might also like: <a href="https://crypto.news/tethers-marketcap-reaches-new-milestone-of-90b/"> Tether’s marketcap reaches new milestone of $90b </a> 
These transactions continue to be flagged by web analysis tools due to the previous controversies the world’s largest stablecoin&nbsp;<a href="https://crypto.news/tether-treasury-mints-1b-usdt-on-ethereum-network/" target="_blank" rel="noreferrer noopener">encountered</a>, drawing scrutiny from critics who raise concerns about its transparency and financial stability. 
Some developments, such as a <a href="https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html" data-type="link" data-id="https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html" target="_blank" rel="noopener">legal settlement</a> with the New York Attorney General (NYAG), have heightened suspicions, revealing instances where Tether was not fully backed at certain points in time. 
Further intensifying the scrutiny, a <a href="https://crypto.news/tether-responds-to-wsj-allegations-of-mismanagement-of-funds/" data-type="link" data-id="https://crypto.news/tether-responds-to-wsj-allegations-of-mismanagement-of-funds/">Wall Street Journal</a> investigation has shed light on allegations that Tether’s partners utilized counterfeit documentation to secure access to bank accounts, adding to the project’s challenges. 
 Read more: <a href="https://crypto.news/tether-responds-to-wsj-allegations-of-mismanagement-of-funds/"> Tether responds to WSJ allegations of mismanagement of funds </a>

Tether treasury’s $60m transfer to whale sparks scrutiny

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