Monero Likely Pumped 50% Due To Suspected $330 Million Bitcoin Theft

Onchain investigator ZachXBT flagged a suspicious $330.7 million Bitcoin transfer that was quickly laundered into Monero, causing XMR's price to spike by 50%. CoinTelegraph reports: The transaction, reported on April 28, saw funds moved from a potential victim's wallet to the address bc1qcry...vz55g. Following the transfer, the stolen stash was quickly laundered through over six instant exchanges and swapped into privacy-focused cryptocurrency Monero. The large-scale conversion led to a 50% spike in XMR's price with the token reaching an intraday high of $339, according to data from CoinMarketCap.

At the time of writing, XMR has settled slightly but remains up 25% in the past 24 hours, trading at $289. When asked whether North Korea's Lazarus Group was behind the attack, ZachXBT dismissed the theory, stating it was 'highly probable it's not,' suggesting independent hackers were responsible. 'While there are concerns of more criminals moving to privacy coins for anonymity, the vast majority of criminal activity still uses mainstream cryptocurrencies, such as Bitcoin, Ethereum and stablecoins,' Chainalysis said. 'Cryptocurrency is only useful if you can buy and sell goods and services or cash out into fiat, and that is much more difficult with privacy coins, especially as many mainstream exchanges have offboarded the use of privacy coins, such as Monero.'

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