Monero (XMR) has outperformed the crypto market up to now this week following what seems to be an try to launder stolen Bitcoin (BTC) by way of the “OG” privateness coin.
Early Monday morning, XMR skyrocketed from $232 to $331 in about eight hours.
In a post on the social media platform X, high on-chain investigator ZachXBT advised his 851,000 followers that the spike in XMR appeared to coincide with a “suspicious” transfer out of a Bitcoin pockets.
ZachXBT says the BTC was instantly exchanged for Monero, sparking the rally for XMR.
“9 hours in the past a suspicious switch was constituted of a possible sufferer for 3520 BTC ($330.7M)
Theft deal with
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Shortly after the funds started to be laundered by way of 6+ instantaneous exchanges and was swapped for XMR inflicting the XMR value to spike 50%.”
ZachXBT says the proof is kind of overwhelming that the switch and subsequent swap to XMR was a hack as a result of the sufferer was a consumer of huge US exchanges, misplaced tens of millions to charges, and made a really sudden switch of $330 million.
“that’s how it’s possible a theft
longtime Bitcoin holder
>is a Gemini, River, Coinbase, and many others consumer
>$330M abruptly moved right this moment and transferred in small increments to instantaneous exchanges, creating a whole lot of orders
>gonna lose a number of 7 figs to charges / inefficient for regular particular person to purchase like this”
At time of writing, XMR has retraced from its huge rally, at present buying and selling at $263. Bitcoin is flat on the day and up 6.5% within the final week.
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