Bitcoin (BTC) had a good start last week before the announcement of important data, with the price rising above $94,000. While Ethereum and other altcoins are also on an upward trend, there was a surprising jump in one altcoin.
The privacy-focused altcoin Monero (XMR), which was delisted by Binance, unexpectedly surged today and became a hot topic in the cryptocurrency market.
While analysts noted that there was no specific catalyst for the rise of XMR, blockchain security expert ZachXBT explained that the reason for XMR's increase is due to a hacker.
According to ZachXBT's post, a hacker converted the $330.7 million worth of stolen Bitcoin into XMR, and the price of XMR skyrocketed.
ZachXBT noted that about nine hours ago, an address starting with 'bc1qcr' was hacked and 3,520 BTC (worth $330.7 million) was stolen.
Then, the hacker washed the stolen money at over six exchanges and converted it into Monero (XMR), causing the price of XMR to increase significantly.
"A hacker executed a suspicious transaction transferring 3,520 BTC (worth $330.7 million) from an address nine hours ago.
Shortly after, the stolen BTC began to be laundered through over 6 exchanges in exchange for XMR, causing the price of XMR to rise by 50%.
XMR continued to trade at $285 at the time of writing.
