223 million USDT transferred from Bitfinex to Tether

on October 31, as monitored by Whale Alert, at 08:46 Beijing Time, a total of 222,700,000 USDT were transferred from Bitfinex to Tether Treasury, valued at approximately $222 million based on the price at the time of transfer.

The Tether Treasury is the official address used by Tether to issue and redeem USDT. Stablecoins transferred back to this address from exchanges are typically associated with redemption or burning processes, but neither Tether nor Bitfinex has commented on this transfer so far.

The specific purpose remains to be further confirmed through on-chain data and official information.