Monero Suddenly Explodes 41% After Hackers Launder $330,000,000 in Bitcoin With XMR

Monero ( XMR ) has outperformed the crypto market so far this week following what appears to be an attempt to launder stolen Bitcoin ( BTC ) through the “OG” privacy coin.

Early Monday morning, XMR skyrocketed from $232 to $331 in about eight hours.

In a post on the social media platform X, top on-chain investigator ZachXBT told his 851,000 followers that the spike in XMR appeared to coincide with a “suspicious” transfer out of a Bitcoin wallet.

ZachXBT says the BTC was immediately exchanged for Monero, sparking the rally for XMR.

“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 50%.”

ZachXBT says the evidence is quite overwhelming that the transfer and subsequent swap to XMR was a hack because the victim was a user of large US exchanges, lost millions to fees, and made a very sudden transfer of $330 million.

“that’s how you know it’s likely a theft

longtime Bitcoin holder
>is a Gemini, River, Coinbase, etc user
>$330M suddenly moved today and transferred in small increments to instant exchanges, creating hundreds of orders
>gonna lose multiple 7 figs to fees / inefficient for normal person to buy like this”

At time of writing, XMR has retraced from its massive rally, currently trading at $263. Bitcoin is flat on the day and up 6.5% in the last week.

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Featured Image: Shutterstock/GreenBelka/wacomka