Hacker’s Big Oops Leads to Monero Price Jump (Surprise, Surprise)

by

What You Should Know: (And You Probably Don’t Care)

  • Somebody probably got hacked and lost 3,520 BTC (worth $330.7 million) and guess what? They swapped it for Monero (XMR). Shocker.
  • The whole thing led to a price surge, likely thanks to a little thing called laundering. A few exchanges had to get involved. How convenient.
  • Oh, and the whole thing was made worse by exchange delistings. Limited liquidity, anyone?

On-chain researcher ZachXBT (yeah, another one of those guys) might have figured out why Monero (XMR) jumped 40% early Monday. The answer? Somebody probably got hacked. Duh.

Nine hours ago a suspicious transfer was made from a potential victim for 3520 BTC ($330.7M)

Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g

Shortly after the funds began to be laundered via 6+ instant exchanges and was swapped for XMR causing the XMR price to spike…

— ZachXBT (@zachxbt) April 28, 2025

Yeah, ZachXBT reported that 3,520 BTC (you know, like $330.7 million) was just, you know, “taken” and swapped for XMR. I mean, who wouldn’t?

Market data shows some kind of spike (you know, the kind you probably missed because you were too busy doing literally anything else) coming from a bunch of buy orders for XMR-BTC.

At first, people couldn’t figure out what the heck happened. Like, really? How could it be? Active wallets and network activity didn’t seem to move, so, naturally, they were baffled.

Oh, and just to make things even juicier—XMR liquidity has been dropping lately because exchanges decided they didn’t want to deal with it anymore. You know, to “fight dark net markets” or whatever. So yeah, any big buy was bound to mess things up. It’s kind of like trying to buy a concert ticket when the venue only has 3 seats left.

As for the price, Monero’s sitting pretty at over $300 according to CoinDesk. Enjoy it while it lasts, folks!

Read More

2025-04-28 12:18