Address funded by Binance involved in mass swapping of USDT to DAI
Trader and technical analysis expert Adam Cochran shared a tweet revealing an address funded by Binance that has been mass swapping USDT to DAI. This address is part of a long chain of addresses that have been interacting with USDT over the past year. Cochran notes that the chain traces back to an address funded with thousands of ETH from Binance.
Key points:
- The address involved in the mass swapping is funded by Binance and has multiple addresses that bulk sell USDT.
- These addresses have been interacting with USDT over the last year and trace back to an address funded with thousands of ETH from Binance.
- About 100 days ago, a shift was noticed as these addresses began converting incoming USDT to DAI.
- These addresses have also been targeted by spoof phishing attacks, suggesting a possible association with an exchange.
- The transactions associated with these addresses do not follow the typical pattern of automated market-making tools, as they result in a loss.
Hot Take: The mass swapping of USDT to DAI by an address funded by Binance raises questions about the motive behind these transactions. The involvement of multiple addresses, spoof phishing attacks, and the recent increase in frequency add to the mystery surrounding these activities. Crypto readers should keep a close eye on any further developments to understand the implications of these transactions.