Monero cryptocurrency (XML) saw a sharp hike of over 50% since Monday morning, prompting speculations among traders and analysts, after which crypto sleuth ZachXBT revealed that an apparent theft of over 3500 Bitcoins was responsible for the anomalous rise in price.
About nine hours ago, a huge transfer of 3,520 BTC, worth around $330.7 million, was sent to a suspicious address (bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g).&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet">
 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) <a href="https://twitter.com/zachxbt/status/1916756932763046273?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 28, 2025</a>
 </blockquote>
 </div>
</figure>
After hitting that address, the stolen BTC was quickly moved through several instant exchanges before being swapped for Monero (XMR). This set off a chain reaction in the market, causing the price of XMR to shoot up.&nbsp;
Within just an hour, <a href="https://www.cryptotimes.io/2025/04/28/why-did-monero-xmr-price-pump-21-in-1-hour/" target="_blank" rel="noopener noreferrer nofollow">XMR’s price had surged by 20%</a>, and it went on to climb more than 50% as the funds were laundered. The sharp rise in price has definitely made people in the crypto world take notice, especially since it seems to be linked to a money laundering operation.&nbsp;
Privacy coins like XMR have long been a point of concern because of their use in such schemes, and incidents like this clearly show how illicit activity can trigger big price swings in the market.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2025/04/26/will-xrp-price-explode-as-rlusd-hits-76m-on-aave/" target="_blank" rel="noopener noreferrer nofollow">Will XRP Price Explode as RLUSD Hits $76M on AAVE?</a>
</blockquote>

Suspicious BTC Hack Leads to XMR Price Spike of Over 50%

The Crypto Times

Other articles published on Apr 28, 2025

Join our free newsletter for daily crypto updates!