Tether Sends $953 Million to Market Maker Cumberland Post-Black Monday
CryptoNewsTerminal Staff13 Aug, 2024
Tether Sends $953 Million to Market Maker Cumberland Post-Black Monday
Tether, the issuer of the USDT stablecoin, transferred 1 billion USDT to the Ethereum network and subsequently sent 183.2 million USDT to cryptocurrency market maker Cumberland over a 13-hour period. According to Spot On Chain, a cryptocurrency on-chain data analytics platform, Cumberland has received a total of $953 million from Tether since the Bitcoin (BTC) flash crash on May 5th. Of this amount, $906 million was deposited into multiple cryptocurrency exchanges, including Coinbase, Kraken, OKX, Binance, and Bullish. This development comes amidst concerns about the stability of the cryptocurrency market following the recent sell-off and heightened regulatory scrutiny of stablecoins.
