- 400 million USDT were transferred back and forth between Aave, HTX, and Tether on March 30.
- Following this, a second round of similar transactions took place on the Tron blockchain.
- Earlier on March 28, 1B USDT moved from a black hole address to Tether’s wallet.
On March 30, 2025, a chain of whale transactions involving Tether’s USDT took place between major cryptocurrency platforms. Around 1.8 billion USDT worth $1.8 billion was circulated in a loop wherein the transactions started from one platform and circled back to the same platform but on a different blockchain. This movement raised concern in the crypto community.
Aave started the loop by sending 400 million USDT to HTX, following which HTX sent the same 400 million USDT to Tether Treasury. After the transfer, the Tether Treasury transferred the funds back to HTX. Shortly after, a second transfer of 500 million $USDT followed the same path starting from Aave to HTX, followed by HTX to Tether Treasury, and lastly back to HTX from Tether Treasury, but this time, the transactions took place in the Tron blockchain.
In total, $1.8 billion in $USDT has been moved from the Ethereum blockchain to Tron through these transactions. These strange movements raised mixed reactions from the crypto community, the majority of which were speculations about the purpose of such double-loop transfers.
But this event is nothing new. Previously, on March 28th, the crypto community witnessed similar $USDT transactions wherein a transfer worth 1 billion USDT was recorded moving from a black hole address to Tether’s multi-sig wallet. According to Arkham Intelligence data, the USDT was transferred from the black hole address ending UQpwziN on the Tron blockchain.
Related: Mt.Gox Shakes Up Market with $1B Bitcoin Transfer to Wallets
This movement created waves of speculation because a black hole address is a wallet address that has no private key, so the funds that enter cannot be used again. However, in this case, the transaction was successful, raising concerns about how it could happen.
Although the purpose behind both these events remains unknown, analysts and crypto enthusiasts speculate that the motive of these transactions could be a liquidity shuffle, or a settlement process, or something else that’s entirely different. However, it is clear that the scale of this operation is hard to ignore and has some underlying purpose.
