Bitcoin (BTC) had a good start to the week ahead of critical data releases, with the price rising above $94,000.
While Ethereum and altcoins were also on this rise, there was a surprise jump in an altcoin. Privacy-focused altcoin Monero (XMR), which was delisted by Binance, made a surprise rise today and became a hot topic in the crypto market.
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While analysts noted that there was no specific catalyst for the rise in XMR, blockchain security expert ZachXBT explained that the reason for the rise in XMR was a hacker. According to ZachXBT’s post, a hacker converted the stolen $330.7 million worth of Bitcoin into XMR, and the XMR price jumped.
ZachXBT noted that around nine hours ago, an address starting with “bc1qcr” was hacked and 3,520 BTC (worth $330.7 million) was stolen. The hacker then laundered the stolen funds across more than six exchanges and converted them into Monero (XMR), which caused a significant increase in XMR prices.
“A hacker made a suspicious transfer of 3520 BTC (worth $330.7 million) from an address nine hours ago. Shortly thereafter, the stolen BTC funds began to be laundered through over 6 exchanges and exchanged for XMR, causing the XMR price to increase by 50%. XMR continues to trade at $285 at the time of writing. 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
*This is not investment advice.