Monero Price Jump Likely Caused by Major Hack: ZachXBT

A blockchain researcher reports that the price of XMR has increased by almost 40% on Monday morning after a “suspicious transfer.”

Sam Reynolds | Edited by Sheldon Rebeck Updated April 28, 2025, 2:47 PM Published April 28, 2025, 8:56 AM

What you need to know:

• Blockchain researcher ZachXBT reports that a suspicious transfer of 3,520 BTC worth $330.7 million was converted to Monero (XMR).
• The sharp rise in the price of Monero was due to money laundering through many instant exchanges.
• Limited liquidity caused by exchange delistings has added to the price pressure from large XMR purchases.

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

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ZachXBT reported that 3,520 Bitcoin (BTC) ($330.7 million) were withdrawn from the address and then converted to XMR.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.