Lookonchain has shared concerning insights into the recent Tether treasury activity this week.
According to the web3 data analyst tweet, one unknown fund or institution secured a staggering $60 million in Tether (USDT) from the Tether Treasury.
This brings the total amount received from Tether Treasury and funneled into exchanges since October 20th to $1.76 billion.
To put these massive numbers into perspective, Lookonchain highlighted how the sum could acquire 44,000 Bitcoin at $40,000 per coin.
Just last month, on Nov 22, Lookonchain also revealed Tether Treasury had minted an additional $1 billion USDT, with this particular entity accumulating 1.13 billion USDT from Treasury in the past 32 days alone.
However, these transactions have drawn heightened scrutiny due to past controversies surrounding the world’s largest stablecoin.
A previous legal settlement with the New York Attorney General revealed instances when Tether was not fully backed at certain times, violating claims of 1:1 reserve.
Meanwhile, a Wall Street Journal investigation also uncovered allegations of Tether partners utilizing counterfeit paperwork to access critical banking services.