Monero Spikes 50% After Being Used to Launder $330 Million of Potentially Stolen Bitcoin

Early Monday, blockchain sleuth ZachXBT identified a “suspicious transfer” of 3,520 BTC to a new address, suggesting a potential theft. The Bitcoin, valued at $330.7 million, was moved from the potential victim’s wallet to a unique address, he noted on X, formerly Twitter. Zach added that “shortly after, the funds began to be laundered through more than six instant exchanges and were swapped for XMR.” This massive inflow led to Monero’s (XMR) price spiking by 50%. At the time of publishing, XMR is trading at $261.10, up 14% in the past 24 hours and up 21% over the last week. It currently boasts a market cap of around $4.7 billion, according to CoinGecko . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io