$58 Million Worth of USDT Flows Into Binance, Raises Community Concerns

By Dare Shonubi
Published October 7, 2019 Updated October 7, 2019
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Bitfinex Tether

$58 Million Worth of USDT Flows Into Binance, Raises Community Concerns

By Dare Shonubi
Published October 7, 2019 Updated October 7, 2019

Two separate transactions have directed a total of $58 million worth of USDT to cryptocurrency exchange Binance. The transactions have got the crypto community talking about the highly controversial cryptocurrency, USDT.

$58 Million Transfered Between Huobi, Bitfinex And Binance


Over $50 million USDT were recently transferred from an Unknown Wallet to Binance, per Twitter account, Whale Alert. The transaction has become a hot topic not just because of the size of the transaction, but the also cryptocurrency involved in it – USDT.

Another USDT transaction amounting to $8 MM also took place between Bitfinex and Binance. According to a Twitter user,

The news of the transfer of funds of such sizes between crypto exchanges is a rare occurrence which is why community members responding to the fund transfer have weighed in with varying opinions which include whales buying the dip of the present bear markets and pumping of shitcoins.

Bitfinex’s Involvement Raises Questions

USDT and Bitfinex, closely related projects owing to having the same parent company, have recently been in the middle of several controversies.

Recently, Bitfinex got itself entangled in a fresh controversy around market manipulation. As CoinGape reported earlier, the exchange recently announced that it was expecting a possible market manipulation lawsuit from an undisclosed group of people.

According to an official announcement,

“We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an opportunistic lawsuit, which may have been the true motive of the paper all along. In fact, we would not be surprised if just such a lawsuit will be filed imminently.”

The exchange also said that it will defend itself accordingly if the lawsuit was filed. The news comes following the event of iFinex, securing a motion from NYAG for not having to provide any additional documents in the case of Bitfinex covering up for “missing funds” by borrowing from Tether. Allegedly, the exchange had taken $600 million from Tether after losing $850 million to a currency converter.

However, this does not imply that iFinex is out of troubled waters. The company has been granted time the 4th of November to perfect its appeal.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Dare Shonubi
247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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