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Avalanche Bucks Market Correction, Large AVAX Transactions Hit Record Highs
Amidst a market-wide correction, Avalanche’s native token – AVAX – has emerged as an outlier, surging by almost 12% over the past day, pushing its yearly gains to 165%. The asset was currently trading at $35.63 – a level not seen since May 2022.
AVAX has not only bucked the prevailing trend but also thwarted sell-off pressure following the recent token unlock event scheduled on November 24, during which approximately $213.35 million worth of AVAX was released into the market.
AVAX Transactions Soar
Coinciding with the price trajectory, the number of large AVAX transactions was also found to be on the rise. Data from Intotheblock revealed that AVAX transactions exceeding $100,000 reached a peak of nearly 1,000. The current level, however, is still lower than what was observed during the peak of the previous bull market.
Although it has not yet reached the heights seen in the previous bull market, this uptick is viewed as a favorable indication of the bullish trend, according to the crypto intelligence firm’s latest analysis.So far, AVAX has defied market trends to emerge as one of the best-performing assets. Its price was boosted by increased on-chain activity. Both new and active addresses have recorded a modest uptick this week. Total addresses with balance has risen to 6.12 million. Besides, the number of transactions on the layer 1 network also surged to 1.93 million.What’s Driving AVAX’s Price?
Another significant factor contributing to the surge in AVAX is the active involvement of major banks in exploring real-world asset (RWA) tokenization, as reported earlier.
Prominent financial institutions like JP Morgan are presently engaged in tokenizing funds for seamless integration with blockchain technology. Citi is conducting tests on blockchain applications for forex trades, and Bank of America is expressing optimism about the potential of asset tokenization.
Notably, all of these major banks have chosen Avalanche technology and Subnets for their blockchain solutions. The preference for Avalanche can be attributed to its high-throughput blockchain, which is essential for efficiently processing transactions.#ContentStar##HotTopicDiscussion##HotColumn##ContentMining##Gate post Highlights# Tether Freezes 161 Ethereum Wallets and Over 3.5 Million USDT Tokens
Tether, the organization behind the widely-used stablecoin USDT, has taken a proactive stance in compliance with United States sanctions.
The company recently announced the freezing of 161 Ethereum wallets, a move that aligns with the U.S. Office of Foreign Asset Controls (OFAC) list of sanctioned individuals.
Tether Takes Proactive Stance in Compliance with US Sanctions
Tether, in its announcement, described its decision as a self-initiated action aimed at preemptively averting possible misuse of its tokens and boosting security. The company also stated that it would freeze current and future wallets listed by the OFAC.
This policy marks one of the first major initiatives undertaken by Paolo Ardoino, who recently transitioned from CTO to CEO of the company. In the press release, Ardoino applauded the policy as a step towards strengthening Tether’s collaboration with international regulatory and law enforcement agencies.
The freeze affected 161 Ethereum wallets, but it is important to note that 150 of them did not hold any USDT at the time. Among the 11 wallets containing USDT, there is an uneven distribution of tokens.Two addresses contain approximately 20,000 tokens each, while a third holds nearly 60,000. The remaining wallets have significantly lower amounts, with one holding 16 cents in USDT.
According to data from Etherscan, a blockchain analytics platform, this enforcement action has led to the freezing of over 3.5 million USDT tokens. The majority of these tokens, approximately 3.4 million, are held by a single address.
This particular wallet has been linked by blockchain investigator ZachXBT to a recent hacking incident involving the betting platform Stake that resulted in the online crypto casino losing around $41 million from its hot wallets.This wallet also exhibited activity just before Tether’s enforcement action, with hundreds of transactions recorded in the preceding week.
Tether’s Freeze Exposes Mysterious Transactions
A closer look at the transactions reveals intriguing details. Just a day before the freeze, one of the impacted wallets engaged in significant token movement, routing over 400,000 USDT through two other wallets from THORChain.
These transactions have made the trail of funds more complex and have raised questions as the two intermediary wallets were not frozen by Tether.
The scope of Tether’s actions extends beyond the Ethereum mainnet. Investigations into Layer 2 networks on Ethereum, such as Polygon, revealed two wallets with USDT holdings, although the combined total was just over 10,000 tokens.
Further searches on other networks like Arbitrum and Optimism did not show any wallets with USDT balances under the sanctioned addresses.#ContentStar##Gate post Highlights##HotColumn##ContentMining##HotTopicDiscussion# 
