Cumberland-tied Addresses Move 65 Million USDT to Centralized Exchanges
CryptoNewsTerminal Staff17 May, 2024
Cumberland-tied Addresses Move 65 Million USDT to Centralized Exchanges
Blockchain analytics firm ScopeScan has reported that crypto trading giant Cumberland DRW-tied addresses have received 65 million USDT from the Tether treasury. These funds were subsequently deposited into centralized exchanges, including OKX, Coinbase, Binance, and Kraken. The breakdown of these deposits is as follows: OKX: 30 million USDT Coinbase: 20 million USDT Binance: 10 million USDT Kraken: 5 million USDT This movement of funds has raised questions about the potential impact on the cryptocurrency market, as Cumberland is a major player in the industry. Some analysts believe that this could indicate a shift in strategy for Cumberland, while others suggest that it may be a response to market conditions. The news follows recent reports of large USDT inflows into centralized exchanges, suggesting a trend of increased activity in the cryptocurrency market. It remains to be seen how this will affect the market in the long term, but it is certainly a development worth watching.
