Monero (XMR) has outperformed the crypto market up to now this week following what seems to be an try to launder stolen Bitcoin (BTC) via 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, prime on-chain investigator ZachXBT informed 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 made out of a possible sufferer for 3520 BTC ($330.7M)
Theft deal with
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Shortly after the funds started to be laundered through 6+ prompt exchanges and was swapped for XMR inflicting the XMR value to spike 50%.”
ZachXBT says the proof is sort of overwhelming that the switch and subsequent swap to XMR was a hack as a result of the sufferer was a person of huge US exchanges, misplaced tens of millions to charges, and made a really sudden switch of $330 million.
“that’s how you recognize it’s doubtless a theft
longtime Bitcoin holder
>is a Gemini, River, Coinbase, and so on person
>$330M out of the blue moved at this time and transferred in small increments to prompt exchanges, creating tons of 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 large rally, at the moment buying and selling at $263. Bitcoin is flat on the day and up 6.5% within the final week.
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