Cumberland Suspect Deposits $95 Million USDT across Exchanges
CryptoNewsTerminal Staff06 Aug, 2024
Cumberland Suspect Deposits $95 Million USDT across Exchanges
Cumberland, a suspected entity by blockchain analytics firm Lookonchain, has recently deposited $95 million USDT across several centralized exchanges, including Coinbase, Kraken, and OKX. The funds were received from a Tether treasury address and deposited in the exchange wallets approximately 10 hours ago. Since October 20, 2023, this particular address has poured $6.28 billion into the crypto markets, raising questions about the source and purpose of these transactions. Lookonchain's findings indicate that the address has participated in several suspicious activities, including large-scale transfers to exchanges and mixing. The deposits made to these exchanges could be part of an attempt to launder funds or cash out large amounts of cryptocurrency.
