Monero Suddenly Explodes 41% After Hackers Launder $330,000,000 in Bitcoin With XMR
Monero ( XMR ) has outperformed the crypto market so far this week following what appears to be an attempt to launder stolen Bitcoin ( BTC ) through the “OG” privacy coin.
Early Monday morning, XMR skyrocketed from $232 to $331 in about eight hours.
In a post on the social media platform X, top on-chain investigator ZachXBT told his 851,000 followers that the spike in XMR appeared to coincide with a “suspicious” transfer out of a Bitcoin wallet.
ZachXBT says the BTC was immediately exchanged for Monero, sparking the rally for XMR.
“Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)
Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike 50%.”
ZachXBT says the evidence is quite overwhelming that the transfer and subsequent swap to XMR was a hack because the victim was a user of large US exchanges, lost millions to fees, and made a very sudden transfer of $330 million.
“that’s how you know it’s likely a theft
longtime Bitcoin holder
>is a Gemini, River, Coinbase, etc user
>$330M suddenly moved today and transferred in small increments to instant exchanges, creating hundreds of orders
>gonna lose multiple 7 figs to fees / inefficient for normal person to buy like this”
At time of writing, XMR has retraced from its massive rally, currently trading at $263. Bitcoin is flat on the day and up 6.5% in the last week.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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