Monero prices rocket to $438 amid $120 million onchain laundering maze
CoinDesk 2026-06-12 11:10:51
Context: The article discusses a significant event in the cryptocurrency market, specifically the price surge of Monero, a popular anonymous cryptocurrency. The story revolves around a large-scale onchain laundering operation that was uncovered by a cryptocurrency sleuth, leading to a substantial freeze of funds by a major stablecoin issuer. This event has significant implications for the cryptocurrency market and its regulatory environment.
Key Facts
- Onchain sleuth ZachXBT successfully traced a large amount of remaining funds linked to a $120 million onchain laundering operation across various cryptocurrency exchanges, instant swap services, and other blockchains.
- The onchain laundering operation was associated with a substantial amount of Monero, which saw its price surge to $438 due to the unusual activity.
- Tether, a major stablecoin issuer, later took action by freezing $72 million in USDT that was linked to the onchain laundering activity.
- The exact details of the onchain laundering operation and the individuals or entities involved are not specified in the article.
- The article does not provide information on the potential consequences of the onchain laundering operation or the actions taken by Tether.