Monero Price Jump Likely Caused by Major Hack: ZachXBT
Sam Reynolds | Edited by Sheldon Rebeck Updated April 28, 2025, 2:47 PM Published April 28, 2025, 8:56 AM
Blockchain researcher ZachXBT may have figured out why privacy coin Monero (XMR) surged 40% on Monday morning: there was likely a hack.
Nine hours ago, a suspicious transfer of 3,520 BTC (US$330.7 million) was made.
Theft address
bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g
Soon after, the funds began to be laundered through more than 6 instant exchangers and converted into XMR, which led to a sharp increase in the price of XMR…
— ZachXBT (@zachxbt) April 28, 2025
ZachXBT reported that 3,520 Bitcoin (BTC) ($330.7 million) were withdrawn from the address and then converted to XMR.
Market data indicates a spike in volatility driven by an increase in the number of buy orders in the XMR-BTC order book.
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