#AbuDhabiStablecoin

How did the Bitcoin (BTC) hacker who stole $330 million double his investment in Monero derivatives? ⚠️⚠️⚠️

There's something special about Monday's suspicious transfer of more than $330 million into the privacy coin Monero (XMR), a transfer that investigator ZachXBT said was likely linked to a hack: coordinated activity in the derivatives market.⚠️⚠️

Monero, which obscures sender and receiver addresses to provide an untraceable currency, has limited liquidity on exchanges, making it difficult for users to transact without impacting the market and exposing them to slippage, the chance that the price could change for the worse before the deal is finalized.⚠️⚠️

However, trading data suggests it was more than a simple case of someone trying to launder stolen money⚠️⚠️

It is highly likely that the would-be hacker experienced slippage during the transaction. The aggregated market depth, which measures the liquidity of the order book within a specified price range, was relatively low at around $1 million for every 2% on either side of the order book. XRM's value surged 45% due to the low liquidity on exchanges, meaning they could have lost up to $20 million—or $66 million—by purchasing XMR instead of a more liquid token⚠️⚠️