Monero (XMR) skyrocketed by 41% after hackers laundered $330 million in Bitcoin. The price surged from $232 to $331 shortly after the suspicious transfer was reported. Currently, XMR trades at $263, while Bitcoin remains flat but up 6.5% this week. Insights from on-chain investigator ZachXBT suggest the spike was tied directly to the laundering operation.
Monero (XMR) has seen a striking surge of 41% recently, leaving many in the crypto realm surprised. This unexpected spike appears to be linked to a major Bitcoin laundering operation that involved around $330 million in stolen funds. Early Monday morning, XMR rose dramatically from $232, hitting a remarkable $331 in just eight hours, a sign of its growing appeal as a privacy coin.
The on-chain investigator, ZachXBT, shared insights with his vast follower base on social media platform X. He indicated a correlation between XMR’s price jump and a dubious transfer from a Bitcoin wallet. He noted that a total of 3,520 BTC, equating to roughly $330.7 million, was quickly converted into Monero. According to ZachXBT, “this suspicious transfer is hard to overlook.”
ZachXBT elaborated that the money was laundered through various instant exchanges shortly after its transfer. He pointed out that these activities typically indicate theft, especially considering the amount involved and the swift actions taken by the hacker. The report suggests the funds were likely moved by a frequent user of prominent US exchanges, hinting at the scale of the operation.
At present, XMR has retracted some of its gains and is trading at $263. Meanwhile, Bitcoin remains relatively stable today, though it shows a 6.5% increase over the past week. The continuing developments in this case highlight the ongoing risks and complexities surrounding cryptocurrencies and their use in illicit activities.
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