Monero (XMR) has outperformed the crypto market thus far this week following what seems to be an try to launder stolen Bitcoin (BTC) by 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 comprised of a possible sufferer for 3520 BTC ($330.7M)
Theft tackle
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Shortly after the funds started to be laundered by way of 6+ on the spot exchanges and was swapped for XMR inflicting the XMR worth 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 person of enormous US exchanges, misplaced hundreds of thousands to charges, and made a really sudden switch of $330 million.
“that’s how you realize it’s doubtless a theft
longtime Bitcoin holder
>is a Gemini, River, Coinbase, and so forth person
>$330M all of the sudden moved at present and transferred in small increments to on the spot exchanges, creating tons of of orders
>gonna lose a number of 7 figs to charges / inefficient for regular individual 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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