ZachXBT has flagged a suspicious transfer of 3,520 Bitcoin, valued at over $330 million, possibly linked to a major theft. This transfer triggered a significant spike in the price of Monero, which rose by 50%. Despite speculation, experts suggest independent hackers are likely behind the transfer, rather than the Lazarus Group. Meanwhile, Monero gains traction as payments are accepted at Spar stores in Switzerland.
ZachXBT, a well-known blockchain investigator, has identified a potentially suspicious transfer of 3,520 Bitcoin, amounting to roughly $330.7 million. This transaction, noted on April 28, involved funds being shifted from a wallet believed to belong to a victim to an address that begins with bc1qcry…vz55g. The swift nature of this transfer has raised alarms over a possible large-scale theft.
Following this transfer, the Bitcoin was reportedly laundered through multiple instant exchanges and subsequently converted into Monero (XMR), a cryptocurrency known for its privacy features. This significant swap resulted in a surprising 50% increase in the price of XMR, with it peaking at $339 during the day, as per CoinMarketCap’s data. Presently, XMR’s price has slightly calmed down but is still holding a notable 25% rise over 24 hours, trading around $289.
When approached about the possibility of North Korea’s Lazarus Group being linked to the incident, ZachXBT was skeptical. He implied the attackers are more likely to be independent hackers, saying that it was “highly probable it’s not” them.
In a related observation, Chainalysis, a blockchain analytics firm, commented on trends in criminal transactions, noting that most still involve mainstream cryptocurrencies. They mentioned, “While there are worries about criminals turning to privacy coins for anonymity, the bulk of illicit activities largely utilises Bitcoin, Ethereum, and stablecoins.”
Chainalysis elaborated that while privacy coins like Monero do offer anonymity, they also come with constraints, such as lower liquidity and the trend of major exchanges steering clear of these assets. The firm pointed out that cryptocurrency’s usefulness hinges on its ability to be easily traded for goods or fiat, a process which becomes significantly complicated for privacy coins due to exchange policies.
Intriguingly, a leaked video from Chainalysis hints that Monero transactions might be traceable despite the blockchain’s privacy features. This video apparently shows the firm’s ability to backtrack XMR transactions to as early as 2021, utilising their own nodes set up for tracking purposes.
On a more positive note for Monero, its acceptance as a payment method is on the rise, exemplified by recent developments in Switzerland. Two Spar supermarket locations have started to accept XMR in transactions. This integration was made possible through partnerships with DFX Swiss and OpenCryptoPay, as reported via Monero’s official X account.
In a user shared experience, one person noted they used XMR to buy organic cacao at a Spar store located in Kreuzlingen. Spar initially ventured into cryptocurrency in April 2025, allowing Bitcoin payments via the Lightning Network in some Swiss outlets, including those in Zug.
