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$2.8b USDT recipient deposits Tether on crypto exchanges

Crypto trading firm and market maker Cumberland moved millions in USDT to exchanges after receiving $2.8 billion from Tether’s treasury over three months. 

Per Arkham Intelligence, Cumberland has deposited up to $120 million of Tether’s stablecoin USDT into crypto exchanges like Coinbase, OKX, and Kraken in the last 24 hours. Tether’s treasury sent at least $155 million to Cumberland in the same timeframe. 

The reasons for the transactions are unknown; however, there are possibilities posed by speculators. First, Cumberland may be deploying USDT on exchanges to acquire cryptocurrencies for future profits, given the current hype in the market. 

Crypto’s fear and greed index reached its highest point since 2021 as cryptotimes Africa reported. 

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