ZachXBT Identifies $330 Million Bitcoin Theft, Monero Prices Surge

ZachXBT flags a suspicious $330 million Bitcoin transfer believed to be theft. The stolen Bitcoin was laundered and converted to Monero, leading to a 50% price spike. Despite speculation, no links to North Korea’s Lazarus Group were confirmed. This incident shines a light on the ongoing risks of scams in the crypto space, further complicating market safety and security.

ZachXBT, a noted investigator in the crypto space, recently flagged a dubious transaction involving 3,520 Bitcoin, valued at approximately $330.7 million. The funds appeared to have been stolen from a private owner, as reported on social media platform X. This incident has raised eyebrows due to its connection to a wallet ending in “vz55g,” prompting concerns over cryptocurrency security.

Following the alleged theft, the stolen Bitcoin was swiftly laundered across more than six instant exchanges. The funds were then converted into Monero, the privacy-focused cryptocurrency. This massive transaction significantly impacted the crypto market, causing Monero’s price to surge by around 50%, hitting a peak of $339 before retracting to about $270—25% above pre-swap levels.

ZachXBT posted about the suspicious transfer, noting a timeline of events that began nine hours prior to his alert. He indicated that such a quick laundering process would make it challenging to trace the funds accurately. Furthermore, institutional exchanges were mentioned as potentially safer options compared to holding coins privately, although he pointed out that victims often fall prey to social engineering tactics, which undermine these safety measures.

When questioned about any potential links to North Korea or the notorious Lazarus Group, ZachXBT suggested these organisations were likely not involved this time. He cited the long history of the origin address interacting with reputable exchanges like Coinbase and Gemini as a point of reference.

ZachXBT highlighted key indicators leading to his conclusion of a theft, such as the method of transaction, which showed a pattern of small incremental transfers to multiple instant exchanges. These methods, apparently used by the hacker, resulted in high fees, indicating inefficiency if the original owner had indeed been behind the transactions. Ultimately, this situation underscores the broader risks within the cryptocurrency sector, drawing attention to scams that have recently plagued the market, including a significant phishing incident involving Coinbase that cost users over $46 million.

In light of these events, it’s essential for crypto users to remain vigilant and informed as the landscape continues to evolve. The ongoing fluctuations in currency values and the potential for scams pose substantial risks, making it imperative for individuals to do their due diligence before making any crypto-related decisions.