223 Million USDT Transferred from Bitfinex to Tether

TechFlow reported that, according to Whale Alert monitoring, at 08:46 Beijing Time on October 31, a total of 222,700,000 USDT were transferred from Bitfinex to Tether Treasury, worth approximately $222 million at the time of transfer.

Tether Treasury is the official address used by Tether to issue and redeem USDT. Transfers of stablecoins from exchanges back to this address are typically associated with redemption or burn processes, but neither Tether nor Bitfinex has commented on this transfer.

The specific purpose remains subject to further confirmation from on-chain data and official information.

Source: TechFlow