Suspicious BTC Hack Leads to XMR Price Spike of Over 50%
Monero cryptocurrency (XML) saw a sharp hike of over 50% since Monday morning, prompting speculations among traders and analysts, after which crypto sleuth ZachXBT revealed that an apparent theft of over 3500 Bitcoins was responsible for the anomalous rise in price.
About nine hours ago, a huge transfer of 3,520 BTC, worth around $330.7 million, was sent to a suspicious address (bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g).
After hitting that address, the stolen BTC was quickly moved through several instant exchanges before being swapped for Monero (XMR). This set off a chain reaction in the market, causing the price of XMR to shoot up.
Within just an hour, XMR’s price had surged by 20% , and it went on to climb more than 50% as the funds were laundered. The sharp rise in price has definitely made people in the crypto world take notice, especially since it seems to be linked to a money laundering operation.
Privacy coins like XMR have long been a point of concern because of their use in such schemes, and incidents like this clearly show how illicit activity can trigger big price swings in the market.
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.
You may also like
Paradigm Capital Moves 10 Million LDO Tokens to Exchanges

Trump Nominates Brian Quintenz for CFTC Chair

Pi Coin Struggles and Pi Day 2’s Impact on Its Future Trajectory
In Brief Pi Coin struggles below $0.65 amid rising bearish pressure. Upcoming "Pi Day 2" on June 28 may impact its short-term direction. Analysts observe concerning signs in PI’s technical indicators and on-chain data.

South Korea Sets New Standards for Cryptocurrency Market
In Brief South Korea introduces the "Digital Asset Basic Act" for cryptocurrency market clarity. The bill aims to boost stablecoin usage and offers a predictable business environment. Swift action contrasts with the slow U.S. progress, giving Korea a competitive edge.

Trending news
MoreCrypto prices
More








