The pioneer of privacy coins—Monero (XMR)—surged suddenly by 50% today (28), briefly breaking through $320, hitting a new high since May 2021. Analysts point out that this surge in XMR is likely related to a Bitcoin theft case amounting to $330 million.
On-chain detective ZachXBT disclosed that this morning there was a 'suspicious transfer' worth 3,520 bitcoins (approximately $330.7 million), suspected to be a large-scale theft.
He pointed out that this huge amount of funds was transferred from a suspected victim's wallet to a new address 'bc1qcry…vz55g', and was then quickly dispersed to more than 6 exchanges, being exchanged for XMR to obscure the flow of funds.
Due to the large scale of individual exchanges and limited market liquidity, the price of XMR was pushed up by more than 50% in a short period, shocking the market; trading volume also surged simultaneously, with the 7-day average trading amount skyrocketing from only about $50 million to over $220 million.
According to CoinGecko market data, as of the time of writing, XMR is priced at approximately $308.5, having increased by 35% in the past 24 hours.
