The rest were scattered. ZachXBT traced more than $12 million to deposit addresses on the KuCoin exchange and about $8 million to instant exchange services, which convert one coin to another quickly and often without identity checks.
Another eight million dollars were transferred from Tron to the Bitcoin and Ethereum networks via Near Intents, a cross-chain exchange tool. Spreading funds across coins, exchanges, and blockchains is a common way to lead the way.
Then Tether intervened. The company can freeze USDT held at a specific address, and ZachXBT said it blacklisted an address linked to the entity holding 72 million USDT. Once frozen, these tokens cannot be moved or cashed out.
It’s unclear where the $120 million initially came from. But the model, rapid movement to a private coin, instant swaps and cross-chain hopping, is one used to launder illicit funds, and Tether’s freeze suggests it has come to the same conclusion.
