Cumberland Suspected Address Deposits $250 Million USDT to Centralized Exchanges

IconCryptoNewsTerminal Staff16 Jul, 2024

cryptonews.jpg

Cumberland Suspected Address Deposits $250 Million USDT to Centralized Exchanges

Cumberland, a prominent crypto market maker, has allegedly moved 250 million USDT to several centralized exchanges. According to Lookonchain, a blockchain analytics firm, the funds were transferred from a Tether Treasury address in two separate transactions over the last two days. The USDT was deposited into accounts on Kraken, Coinbase, and OKX. Lookonchain has labeled the sending address as "suspected Cumberland," indicating the firm's potential involvement in these transactions. This significant movement of funds has raised questions about Cumberland's motives and the potential impact on the crypto market. While Cumberland has not officially commented on these allegations, the hefty sum and involvement of reputable exchanges are noteworthy. Observers will likely continue monitoring the situation for further developments and implications in the crypto space.

Related News